Africa Opportunity Fund Limited Mandatory Redemption of Shares (3155Z)
May 15 2023 - 2:00AM
UK Regulatory
TIDMAOF
RNS Number : 3155Z
Africa Opportunity Fund Limited
15 May 2023
15 MAY 2023
Africa Opportunity Fund Limited
Mandatory Redemption of Shares
-- REDEMPTION DATE 23 MAY 2023
-- AOF WILL RETURN $7.6 MILLION TO SHAREHOLDERS
-- REPRESENTS 43.3% OF ORDINARY SHAREHOLDER NET ASSET VALUE AT 30 APRIL 2023
* * *
The Board of Directors of Africa Opportunity Fund Limited (" AOF
" or the "Company") is pleased to announce AOF's initial capital
distribution in respect of the Company's Ordinary Shares of US$0.01
each (a "Mandatory Redemption").
AOF has benefitted from realisations from its underlying
portfolio and the Company has resolved to return a total of $7.6
million to AOF Ordinary Shareholders.
The $7.6 million capital return (the equivalent of approximately
8,745,684 Ordinary Shares, or 43.3% of Ordinary Shareholder NAV)
will be by way of a pro rata compulsory redemption of Ordinary
Shares at a price equal to the prevailing NAV per Ordinary Share of
$0.869 as at 30 April 2023 (being the most recent monthly NAV per
Ordinary Share available as of the date of this announcement) for
Ordinary Shareholders on the register of members as at close of
business on 23 May 2023 ("Record Date"). Unless circumstances
require otherwise, this NAV will form the NAV per Ordinary Share as
of the date of redemption.
Payments of redemption proceeds are expected to be effected
either through Euroclear or Clearstream (in the case of shares held
in uncertificated form) or by cheque (in the case of shares held in
certificated form) on or around 31 May 2023. Any share certificates
for the balance of holdings of shares will also be despatched to
shareholders on or around 31 May 2023.
The Company currently has 20,214,590 Ordinary Shares in issue.
All of the Ordinary Shares redeemed on the redemption date will be
cancelled and any fractions of shares will be rounded down to the
nearest whole share.
The Ordinary Shares will be disabled in Euroclear or Clearstream
on the Record Date and the existing ISIN number KYG012922038 (the
"Old ISIN") will expire. A new ISIN number KYG012921535 (the "New
ISIN") in respect of the remaining Ordinary Shares which have not
been redeemed will be enabled and available for transactions on 24
May 2023 ("Ex Date"). For the period up to and including the Record
date, Ordinary Shares will be traded under the Old ISIN and as
such, a purchaser of such shares may have a market claim for the
redemption proceeds following the activation of the New ISIN.
Euroclear or Clearstream will automatically transfer any open
transactions as at the redemption date to the New ISIN.
DIRECTOR'S INTERESTS
As of 30 April 2023, Robert Knapp and Myma Belo-Osagie Directors
of the Company, owned 3,263,346 and 27,008 Ordinary Shares,
respectively. As a result of the Mandatory Redemption described
above, Robert Knapp and Myma Belo-Osagie are expected, immediately
following the redemption date, to hold approximately 1,851,485 and
15,324 Ordinary Shares, respectively.
* * *
For more information please contact:
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Liberum (Corporate Broker) Tel: +44 20 3100 2000
Darren Vickers
Owen Matthews
For more information about AOF, see
www.africaopportunityfund.com
LEI: 213800R1UVN1T8YXS179
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May 15, 2023 02:00 ET (06:00 GMT)
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