City of London Investment Group PLC RESPONSE TO ICAP:MK RE MAX SHAREHOLDING

TIDMCLIG

City of London Investment Group PLC

06 December 2017

CITY OF LONDON INVESTMENT GROUP PLC

RESPONSE TO ICAPITAL.BIZ BERHAD (THE "FUND") RE MAXIMUM SHAREHOLDING

(LONDON, 6 December, 2017) -

City of London Investment Management (CLIM) notes the recent announcement by Capital Dynamics Sdn Bhd, investment adviser to icapital.biz Berhad (ICAP:MK), advising that no shareholder of a closed-end fund should hold more than 20% of the total issued and paid-up shares of the closed-end fund. CLIM has also received a letter from the Board of the Fund on the same matter.

CLIM clarifies that its clients are interested in 24,915,700 shares (17.8%) in the Fund and that CLIM is entitled to exercise voting rights attached to shares in the Fund that are held by its clients. CLIM is an investment adviser and does not hold or own any shares in the Fund, either as nominee or as beneficial owner.

CLIM has been provided with clear legal advice that the 20% limit referenced in Capital Dynamics' announcement applies to CLIM clients individually and not in aggregate. Accordingly, the clients of CLIM may continue to purchase shares in the Fund, provided that no individual client holding shall exceed 20%, and even if the aggregate interest of CLIM's clients exceeds 20%.

This statement is not to be interpreted to the effect that CLIM's clients will or will not purchase more shares in the Fund or will or will not dispose of shares in the Fund. CLIM reserves the right to buy or sell shares in the Fund on behalf of its clients.

Background

CLIM, a wholly owned subsidiary of City of London Investment Group plc, is an institutional fund manager which specialises in investing in closed-end investment companies. The firm is authorised and regulated by the Financial Conduct Authority and registered as an Investment Advisor with the Securities and Exchange Commission.

For further information, please contact:

Simon Westlake

City of London Investment Group

+44-(0)-20-7711-1552

simon.westlake@citlon.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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December 06, 2017 12:25 ET (17:25 GMT)

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