TIDMQIF
RNS Number : 1088W
Qatar Investment Fund PLC
10 November 2017
10 November 2017
Qatar Investment Fund PLC
("QIF" or the "Company")
Tender Offer to purchase up to 10.0 per cent. of the Company's
issued share capital
Posting of circular
Further to the Company's announcement on 16 October 2017, a
circular setting out details of proposed changes to the Company's
Investment Policy and other changes, and explaining the terms of a
Tender Offer for up to 10.0 per cent. of the issued Share Capital
of the Company has today been posted to Shareholders (the
"Circular"), together with a notice of an Extraordinary General
Meeting to be held on 7 December 2017.
Capitalised terms and expressions shall have the same meanings
as those attributed to them in the Circular.
1. Introduction
As announced by the Company on 16 October 2017, the Directors
have resolved to put forward a number of proposals including:
(i) amending the Company's investment policy from a largely
Qatar-focussed investment strategy to a broader GCC focussed
investment strategy;
(ii) amending the Company's Articles in order to cancel the
discontinuation resolution to be proposed at the 2018 annual
general meeting and replacing it with a continuation resolution to
be proposed at the 2021 annual general meeting;
(iii) making a tender offer for up to 10 per cent. of the issued
Share Capital of the Company (excluding treasury shares);
(iv) committing to a further tender offer to Shareholders for up
to 100 per cent. of the Company's share capital in 2020 to allow
Shareholders to redeem all or part of their shareholding at Formula
Asset Value subject to Shareholder approval to be sought in 2020;
and
(v) proposing a change of name of the Company from Qatar
Investment Fund plc to Gulf Investment Fund plc to reflect the
changes proposed to be adopted pursuant to the Amended Investment
Policy.
It is considered that if the Proposals are approved by
Shareholders, including in particular the resolutions required to
give the Directors authority to implement the Proposed 2020 Tender
Offer (which will be proposed in 2020), this will result in the
Company being treated as an "offshore fund" for the purposes of UK
taxation. UK resident Shareholders should note that the Company
intends to apply to HMRC for approval as a "reporting fund" for the
purposes of the Offshore Fund Rules.
As a reporting fund under the Offshore Fund Rules, the Company
would be required to provide relevant Shareholders with a report of
income received by the Company for each reporting period (as
calculated for the purposes of the Offshore Fund Rules). If the
amount of income reported to Shareholders exceeds the amount
actually distributed for a relevant reporting period, UK resident
Shareholders will be taxed as if a notional dividend equal to the
excess had been received. The Company therefore intends, if the
Proposals are approved, to amend its annual distribution policy
with the intention, so far as possible, of ensuring that actual
distributions are at least equal to reported income for each
reporting period. Shareholders should note that this cannot be
guaranteed and the level of distributions for any period remains a
matter to be determined at the discretion of the Board.
Provided that the Company is, and continues to be, approved by
HMRC as a reporting fund with effect from the time it becomes an
offshore fund, disposals of Shares should generally continue to be
subject to UK taxation at chargeable gains tax in the normal way,
rather than being taxed on an income basis.
2. The Company's Performance and Prospects
As at 9 November 2017, being the latest practicable date prior
to the publication of this announcement, the unaudited Net Asset
Value per Ordinary Share was US$1.0696 and the closing mid-market
Share price was US$0.86.
The Company's NAV per Share has declined from US$1.2489 at 31
December 2016 to US$1.0696 at 2 November 2017, which is equal to a
decrease of 14.4 per cent. This compares to the 22.0 per cent.
decrease in the QE Index over the same period.
During this period, Shareholders received a dividend of 4.0
cents per Share which was paid on 31 January 2017 and the Directors
have proposed a dividend for the 2017 financial year of 3.0 cents
per Share payable in January 2018 after completion of the 2017
Tender Offer.
According to the Ministry of Development Planning and
Statistics, the Qatari economy grew 0.6 per cent. in the second
quarter of 2017, compared to the second quarter of 2016. The
hydrocarbon sector contracted by 2.7 per cent. in the second
quarter of 2017, compared to the second quarter of 2016, but record
growth of 1.0 per cent. compared to the first quarter of 2017. The
non-hydrocarbon sector GDP grew 3.9 per cent. in Q2 2017 compared
to Q2 2016 mainly driven by an expansion in construction,
accommodation and food services, human health and social work
activities.
The population in Qatar grew by 7.7 per cent. in the month of
September 2017 and by 3.2 per cent. in the year to September 2017
and has increased by 1.4 per cent. between the end of 2016 and the
end of September 2017. Population growth is expected to remain
strong as large projects related to the 2022 FIFA World Cup
continue to attract expatriates. As a result, personal consumption
is expected to remain strong and continue to benefit domestic
consumer and services sector companies.
In the month of August 2017, imports jumped 39.1 per cent. to
USD 2.38 billion, according to the Ministry of Development Planning
and Statistics. However, imports declined by 7.8 per cent. year on
year, despite showing a marked recovery from June 2017 and July
2017 levels, when they had dropped more than 35 per cent. on a
12-month basis. Qatar's exports, the vast majority of them being
natural gas and oil, climbed 17.7 per cent. year-on-year to QAR
21.30 billion in August 2017. As a result, Qatar's trade surplus
expanded 45.4 per cent. year-on-year to QAR 12.62 billion in August
2017.
Qatar's industrial producers' earnings displayed robust
performance in August 2017 mainly on higher prices for
hydrocarbons, refined petroleum products and other chemical
products and fibres. Qatar's producer price index (PPI) rose 10.4
per cent. year-on-year and 2.2 per cent. month-on-month in August
2017.
The International Monetary Fund stated in August 2017 that Qatar
has acted effectively in protecting its economy against the Gulf
sanctions, in part because of rerouting trade to other nations and
establishing new sources of food supply.
Going forward, the Investment Adviser believes that Qatar's real
GDP growth will continue to remain robust in the long term
(assuming the GCC dispute reaches some form of negotiated
settlement), driven by strong growth in the non-hydrocarbon sector.
However, in the near-term economic growth will probably be
impacted.
On 5 June 2017, the governments of Saudi Arabia, Bahrain, the
UAE and Egypt cut ties with Qatar, accusing it of supporting
terrorism. These countries closed land, air and sea borders with
Qatar, giving Qatari nationals within their borders two weeks to
leave and instructing their own nationals in Qatar to leave
immediately. Yemen, the Maldives and the Tobruk government in Libya
subsequently joined the boycott. The four Arab nations issued a
13-point list of demands to Qatar on 22 June 2017, which included
shutting down of Al Jazeera news channel, toning down its
relationship with Iran, cutting ties with certain political groups
and shutting down the Turkish military base in Doha. Qatar was
asked to respond in ten days, which was later extended by another
48 hours at the request of Kuwait. The deadline ended on 3 July
2017. On 5 July 2017, Saudi led allies decided to continue the
blockade after Qatar refused to agree to the demands.
The decision to cut ties with Qatar by the governments of Saudi
Arabia, Bahrain, the UAE and Egypt, closing their land, air and sea
borders, was the major event of the first half of the calendar
2017. Falling oil prices added to the market pressure, as crude
prices fell approximately 15 per cent. during the period, with
continuing expansion in US shale drilling leading to high global
supplies, despite the OPEC-led agreement to cut production. The
Qatari market dropped 13.5 per cent. on investor concerns about
Qatar's trade, labour market and liquidity conditions in the light
of the blockade. The Bloomberg GCC index also fell 1.3 per cent.
during the period. However, Saudi Arabia continued its rising trend
in the first half of 2017, following the news of its inclusion in
MSCI Emerging Markets watchlist and the promotion to Crown Prince
of former Deputy Crown Prince, Mohammed bin Salman. Kuwait and
Bahrain stock markets joined Saudi Arabia and ended the period in
green.
3. Rationale for the Amended Investment Policy
The Board and the Investment Adviser believe that GCC markets
offer an attractive long term investment opportunity to investors.
Governments in the GCC are focused on expanding the non-oil sectors
of their economies, led by a strong push on infrastructure
development and continued investment in the social sectors.
National development plans, which include The Abu Dhabi Economic
Vision 2030, Qatar National Vision 2030, and Saudi Arabia Vision
2030 are being implemented with a view toward boosting human
capital and economic growth. These initiatives are supported by key
events and programmes such as Expo 2020 in Dubai, the 2022 FIFA
World Cup in Qatar and Saudi Arabia's National Transportation
Program 2020. Growth in the GCC economies is expected to recover on
the back of supportive fiscal policies and continued growth in
sectors such as travel, tourism, healthcare, education and
infrastructure. According to the IMF, the aggregate population of
the GCC is expected to reach 58.8 million by 2020, a 101 per cent.
increase over the level in 2000, offering a large captive source
for continued consumption growth.
The upgrade of the UAE and Qatari markets to the MSCI and FTSE
Emerging Markets categories and the addition of Saudi Arabia to the
MSCI Emerging Markets watch list highlight the steps that GCC
countries are taking in making their stock exchanges more open to
global investors. HSBC estimates potential inflows to the Saudi
Arabian stock exchange of approximately US$ 9 billion were Saudi
Arabia to be promoted to the MSCI Emerging Markets Index. If that
were to occur, Saudi Arabia would be expected to have a 2-3 per
cent. weighting in the MSCI Emerging Markets Index, while Qatar and
the UAE currently have a weight of just under 1 per cent. each.
Actions such as the privatisation of public assets, easing of
foreign ownership restrictions and more transparency are likely to
accelerate the upgrade of other GCC markets over the next few
years.
4. The 2017 Tender Offer
The Board is aware that the Shares are tightly held and that
therefore liquidity in the Shares can, at times, be limited. The
Board is also mindful that it believes it to be appropriate to
offer a tender offer to Shareholders when proposing a material
change to the investment policy. The 2017 Tender Offer is designed
to enable those Shareholders (other than Restricted Shareholders)
who wish to realise a portion of their holding of Shares to have
the opportunity to do so. Conditional on the passing of Resolution
1, which amends the Company's investment policy, the Directors are
proposing to offer a tender offer for up to 10.0 per cent. of the
Company's issued Share Capital (excluding treasury shares). The
total number of Shares to be purchased under the 2017 Tender Offer
will not exceed 10,273,471 Shares, representing approximately 10.0
per cent. of the Company's issued Share Capital (excluding treasury
shares) as at 9 November 2017 (being the latest practicable date
prior to the publication of this announcement).
The Tender Price will be an amount equal to a discount of one
per cent. to Formula Asset Value as at the Calculation Date. The
Record Date for the 2017 Tender Offer is 5.30 p.m. on 14 November
2017.
The 2017 Tender Offer will be conditional, inter alia, on the
passing of Resolution 1 (the Amended Investment Policy) and
Resolution 3 (the 2017 Tender Offer) to be proposed at the
Extraordinary General Meeting. The 2017 Tender Offer will also be
conditional on the Company satisfying the distributable profits
requirements under Isle of Man law at the time of the 2017 Tender
Offer.
The Board has proposed Resolution 3 at the Extraordinary General
Meeting which, if passed, will provide the Board with authority to
repurchase Shares in order to implement the 2017 Tender Offer. All
Shares tendered will be cancelled.
Key points of the 2017 Tender Offer
The key points of the proposed 2017 Tender Offer are as
follows:
-- the 2017 Tender Offer is for up to 10.0 per cent. of the
Company's issued Share Capital (excluding treasury shares) as at
the Record Date;
-- Shareholders (other than Restricted Shareholders) on the
Register on the Record Date will be able to tender a number of
their Shares, up to the maximum of that Shareholder's Basic
Entitlement;
-- Shareholders (other than Restricted Shareholders) on the
Register on the Record Date will also be entitled to tender
additional Shares in excess of their Basic Entitlement, although
there can be no guarantee that excess tenders will be
satisfied;
-- the Tender Price will be the price per Share which represents
an amount equal to a discount of one per cent. to Formula Asset
Value as at the Calculation Date;
-- continuing Shareholders should receive an uplift to their NAV
per Share as the Tender Price is being calculated to a discount of
one per cent. to Formula AssetValue (which includes the costs of
the 2017 Tender Offer (including the costs of associated portfolio
realisations));
-- the Tender Price will be paid to Shareholders in US Dollars
and will be effected by the despatch of cheques drawn on an account
of a branch of a United Kingdom clearing bank, or the crediting of
CREST accounts as appropriate; and
-- any Shares tendered will be cancelled.
Conditions of the 2017 Tender Offer
The 2017 Tender Offer is conditional, inter alia, upon: (i) the
passing of Resolution 1 which proposes the amendments to the
Company's investment policy, (ii) the Company obtaining the
necessary Shareholders' authority to implement the 2017 Tender
Offer at the Extraordinary General Meeting; (iii) the Company
satisfying the distributable profits requirements under Isle of Man
law at the time of the 2017 Tender Offer; and (iv) the Repurchase
Agreement becoming unconditional in all respects (save in respect
of any condition relating to the 2017 Tender Offer becoming
unconditional).
Implementation of the 2017 Tender Offer will require approval by
Shareholders at the Extraordinary General Meeting, which is to be
held at 10.30 a.m. on 7 December 2017. The 2017 Tender Offer is
also conditional upon Panmure Gordon being satisfied that the
Company has sufficient funds available to meet its obligations
under the Repurchase Agreement. In addition, the 2017 Tender Offer
may be postponed or terminated in certain other circumstances as
set out in paragraph 2 of Part III of the Circular.
The number of Shares to be acquired by Panmure Gordon under the
2017 Tender Offer will not in any event exceed 10,273,471 Shares,
representing 10.0 per cent. of the Company's issued Share Capital
(excluding any Shares held in treasury by the Company) as at 9
November 2017 (being the latest practicable date prior to the
publication of the Circular).
The Company's authority to repurchase its own Shares, to be
proposed at the Company's Annual General Meeting to be held on 16
November 2017 in respect of up to 14.99 per cent. of the Company's
issued Share Capital (excluding treasury shares) as at 6 September
2017 (being 15,399,933 Shares) will, if approved by Shareholders at
the Annual General Meeting, remain in force and will be unaffected
by the 2017 Tender Offer.
Options for Shareholders
Shareholders on the Register on the Record Date only can
choose:
-- to continue their full investment in the Company; or
-- save for Restricted Shareholders, to tender their Basic
Entitlement, plus the option to tender additional Shares which may
be purchased if other Shareholders tender less than their Basic
Entitlement.
Shareholders (other than Restricted Shareholders) on the
Register at the Record Date will be entitled to have up to 10.0 per
cent. of their respective holdings purchased under the 2017 Tender
Offer (and also the option to tender additional Shares which may be
purchased if other Shareholders tender less than their Basic
Entitlement).
Further details of the Tender Offer
Shareholders (other than Restricted Shareholders) on the
Register on the Record Date are invited to tender for sale some of
their Shares up to each Shareholder's Basic Entitlement to Panmure
Gordon who, as principal, will purchase at the Tender Price the
Shares validly tendered (subject to the overall limits of the 2017
Tender Offer) and, following the completion of all those purchases,
sell the relevant Shares on to the Company at the Tender Price by
way of an on-market transaction, in accordance with the terms of
the Repurchase Agreement. All transactions will be carried out on
the London Stock Exchange.
Shareholders will also have the option to tender additional
Shares which may be purchased by Panmure Gordon to the extent that
other Shareholders tender less than their Basic Entitlement. Any
such excess tenders will be satisfied pro rata in proportion to the
amount tendered in excess of the Basic Entitlement (rounded down to
the nearest whole number of Shares) or otherwise at the discretion
of Panmure Gordon, in consultation with the Board.
The 2017 Tender Offer is subject to certain conditions, and may
be terminated in certain circumstances as set out in paragraph 2 of
Part III of the Circular. Further details of the calculation of the
Tender Price are set out in paragraph 3 of Part III of the
Circular.
Shareholders' attention is drawn to the letter from Panmure
Gordon set out in Part II of the Circular and to Part III of the
Circular and, for Shareholders who hold their Shares in
certificated form, to the Tender Form which together constitute the
terms and conditions of the 2017 Tender Offer.
Details of how Shareholders will be able to tender Shares can be
found in paragraph 4 of Part III of the Circular.
Shareholders should note that, once tendered, Shares may not be
sold, transferred, charged or otherwise disposed of other than in
accordance with the 2017 Tender Offer.
Shareholders are not obliged to tender any Shares and if they do
not wish to participate in the 2017 Tender Offer Shareholders
should not complete or return their Tender Form.
Shareholders who are in any doubt as to the contents of the
Circular or as to the action to be taken should immediately consult
their stockbroker, bank manager, solicitor, accountant or other
independent professional adviser authorised under the Financial
Services and Markets Act 2000 or from an appropriately qualified
independent adviser.
Restricted Shareholders and other Overseas Shareholders
The attention of Restricted Shareholders and Overseas
Shareholders is drawn to paragraph 10 of Part III of the Circular.
The 2017 Tender Offer is not being made to Shareholders who are
resident in, or citizens of, Restricted Territories. Restricted
Shareholders are being excluded from the 2017 Tender Offer to avoid
infringing applicable local laws and regulations relating to the
implementation of the 2017 Tender Offer. Accordingly, copies of the
Circular, the Tender Form and any related documents are not being
and must not be mailed or otherwise distributed in or into
Restricted Territories.
It is the responsibility of all Overseas Shareholders to satisfy
themselves as to the observance of any legal or regulatory
requirements in their jurisdiction, including, without limitation,
any relevant requirements in relation to the ability of such
Overseas Shareholders to participate in the 2017 Tender Offer.
Taxation and Offshore Fund Rules
Shareholders who sell their Shares in the 2017 Tender Offer may,
depending on their individual circumstances, incur a liability to
taxation.
The attention of Shareholders is drawn to Part IV of the
Circular which sets out a general guide to certain aspects of
current UK taxation law and HMRC's published practice.
As noted in Part IV (Taxation) of the Circular it is considered
that if the Proposals are approved by Shareholders, including in
particular the Directors commitment to the Proposed 2020 Tender
Offer, this will result in the Company being treated as an
"offshore fund" for the purposes of UK taxation. Part IV (Taxation)
of the Circular contains a general summary of the UK tax
consequences of the Company becoming an offshore fund. UK tax
resident Shareholders should note, in particular, that the Company
intends to apply to HMRC for approval as a "reporting fund" for the
purposes of the Offshore Fund Rules. As a reporting fund, the
Company would be required to provide Shareholders with a report of
income received by the Company for each reporting period (as
calculated for the purposes of the Offshore Fund Rules).
If the amount of income reported to Shareholders exceeds the
amount actually distributed by way of dividend, UK resident
Shareholders could be taxed on the difference (and as such could be
taxed by reference to income they have not actually received). The
Company therefore intends, if the Proposals are approved, to amend
its annual distribution policy with the intention, so far as
possible, of ensuring that actual distributions are at least equal
to reported income for each reporting period. Shareholders should
note that this cannot be guaranteed and the level of distributions
for any period remains a matter to be determined at the discretion
of the Board.
If reporting fund status were not granted by HMRC, or if the
Company subsequently ceased to be an approved reporting fund, gains
on a disposal of Shares could be taxed as income, rather than as
capital gains, which could result in UK tax resident Shareholders
incurring higher levels of taxation.
The summary contained in Part IV (Taxation) of the Circular is
general in nature and not exhaustive. It does not constitute tax
advice. Shareholders should carefully consider and take independent
professional advice as to the consequences for them of the Company
becoming an offshore fund under the Offshore Fund Rules.
Shareholders who are in any doubt as to their tax position or
who are subject to tax in a jurisdiction other than the UK should
consult an appropriate independent professional adviser. It should
also be noted that Shareholders who are temporarily non-resident in
the UK may, under anti-avoidance legislation, still be liable to UK
tax on capital gains and, therefore, should seek professional
advice.
Risks relating to the 2017 Tender Offer
-- If any Shares permitted to be tendered pursuant to the 2017
Tender Offer are tendered, the issued share capital of the Company
will be reduced. As a result, the fixed costs of the Company will
be spread over fewer Shares and the Company's total expense ratio
may increase.
-- The proceeds of the 2017 Tender Offer will be dependent on,
amongst other things, the costs of realisation of such of the
Company's investments as is necessary to meet the number of Shares
tendered and the price at which such assets are realised. There can
be no assurance as to the value it will be possible to realise from
the sale of the assets.
-- The Company announced on 24 August 2015 that the percentage
of its shares in public hands had been restored to above the 25 per
cent. threshold required under Listing Rule 6.1.19. Depending on
the level of participation of certain of the Company's larger
shareholders in the 2017 Tender Offer, there is a risk that the
percentage of the Company's shares in public hands may fall below
this 25 per cent. threshold again.
-- If the 2017 Tender Offer does not proceed for any reason, the
Company would bear the costs incurred in relation to the 2017
Tender Offer to that point.
-- Shareholders wishing to tender their Shares under the 2017
Tender Offer should note that the lower the number of valid tenders
received, the higher the proportional Tender Offer costs, as
applicable, per Share tendered.
-- In the circumstances described in paragraph 2.1 of Part III
of the Circular, the Company (acting by its Directors) can either
terminate the 2017 Tender Offer or postpone the Calculation Date or
the completion of the 2017 Tender Offer for up to 30 Business Days,
after which, to the extent not completed, the 2017 Tender Offer
will lapse.
-- Although the general UK taxation consequences of the 2017
Tender Offer and the Proposals are expected to be as set out in
Part IV, such tax treatment may change as a result of changes in
the law or HMRC's practice. As noted in Part IV, if the Company
does not obtain HMRC approval (or ceases to be approved) as a
"reporting fund", UK resident Shareholders may be subject to income
tax on any gains on disposals of Shares, rather than capital gains
tax.
5. Change of name
Conditional on the adoption of the Amended Investment Policy,
the Board is proposing to change the name of the Company to Gulf
Investment Fund plc.
6. Subsequent tender offers
The Directors have decided not to put forward further tender
offers in 2018 and 2019, however they have committed to put forward
a tender offer of up to 100 per cent. of the Company's issued share
capital at the time of the 2020 annual general meeting, which will
be subject to Shareholder approval to be sought in 2020.
7. General Meeting
The Proposals set out in the Circular are subject to Shareholder
approval of the relevant Resolutions to be proposed at the
Extraordinary General Meeting:
(i) Resolution 1 concerning the changes to the Company's
investment policy will be proposed as an ordinary resolution;
(ii) Resolution 2 concerning the cancellation of the
discontinuation vote that would have been proposed at the 2018
annual general meeting will be proposed as a special resolution, as
it requires an amendment to the Company's Articles;
(iii) Resolution 3 concerning the implementation of the 2017
Tender Offer will be proposed as an ordinary resolution; and
(iv) Resolution 4 concerning the change of name of the Company
to Gulf Investment Fund plc will be proposed as a special
resolution.
Ordinary resolutions require, on a show of hands, more than 50
per cent. of Shareholders voting to vote in favour in order to be
passed or, on a poll, votes in favour to be cast by holders of more
than 50 per cent. of the Shares which are voted on the
resolution.
Special resolutions require, on a show of hands, not less than
75 per cent. of Shareholders voting to vote in favour in order to
be passed or, on a poll, votes in favour to be cast by holders of
not less than 75 per cent. of the Shares which are voted on the
resolution.
In accordance with the Articles of Association, two Shareholders
entitled to attend and vote on the business to be transacted, each
being a Shareholder present in person or a proxy for a Shareholder
or a duly authorised representative of a corporation which is a
Shareholder, shall constitute a quorum. Every Shareholder present
in person or (being a corporation) by representative or by proxy
shall, on a show of hands, have one vote and, on a poll, shall have
one vote for every Share held by him.
8. Recommendation
The Board considers that the Proposals are in the best interests
of Shareholders as a whole. Accordingly, the Board recommends that
Shareholders vote in favour of the Resolutions to be proposed at
the Extraordinary General Meeting, as those Directors who hold
beneficial interests in Shares intend to do in respect of their own
beneficial holdings of Shares which, in aggregate, amount to 75,840
Shares representing approximately 0.1 per cent. of the issued Share
Capital of the Company (excluding treasury shares).
The Investment Adviser has indicated its intention to tender its
Basic Entitlement of 1,838,596 Shares pursuant to the 2017 Tender
Offer. Each of Nicholas Wilson and Leonard O'Brien, Directors of
the Company, has indicated his intention to tender his Basic
Entitlement of 4,400 Shares and 3,184 Shares, respectively,
pursuant to the 2017 Tender Offer.
The Board makes no recommendation to Shareholders as to whether
or not they should tender their Shares pursuant to the 2017 Tender
Offer. Whether or not Shareholders decide to tender any of their
Shares will depend, among other things, on their individual
circumstances including their tax position and on their view of the
Company's prospects. Shareholders in any doubt as to the action
they should take should consult an appropriately qualified
independent financial adviser, authorised under the Financial
Services and Market Act 2000, without delay.
9. Expected Timetable of Principal Events
The expected timetable for the Tender Offer is as follows:
Record Date for participation 5.30 p.m. on 14
in the Tender Offer November 2017
Latest time and date for 1.00 p.m. on 4
receipt of Tender Forms December 2017
or for settlement of TTE
Instructions in respect
of the Tender Offer
Latest time and date for 10.30 a.m. on 5
receipt of Forms of Proxy December 2017
in respect of the Extraordinary
General Meeting
Extraordinary General Meeting 10.30 a.m. on 7
December 2017
Results of the Tender Offer 7 December 2017
announced
Calculation Date 5.30 p.m. on 13
December 2017
Tender Price announced 18 December 2017
Settlement date: cheques 27 December 2017
despatched and CREST accounts
credited with proceeds in
respect of successfully
tendered Shares
Balancing certificates despatched from 27 December
and CREST accounts credited 2017
in respect of unsold Shares
Each of the times and dates in the expected timetable may be
extended or brought forward without further notice. If any of the
above times and/or dates change, the revised time(s) and/or date(s)
will be notified to Shareholders by an announcement through a
Regulatory Information Service provider.
All references to times are to London times.
Capitalised terms and expressions shall have the same meanings
as those attributed to them in the Circular.
A copy of the Circular will shortly be available for inspection
on the National Storage Mechanism at www.hemscott.com/nsm.do and is
available for download from the Company's website
www.qatarinvestmentfund.com/publications.
Legal Entity Identifier: 2138009DIENFWKC3PW84
For further information:
Nicholas Wilson +44 (0) 1624 622 851
Qatar Investment Fund plc
Ian Dungate/Suzanne Jones +44 (0) 1624 692600
Galileo Fund Services Limited
Richard Gray/Andrew Potts/Atholl Tweedie +44 (0) 20 7886
2500
Panmure Gordon
William Clutterbuck/Cebuan Bliss +44 (0) 20 7379 5151
Maitland
This information is provided by RNS
The company news service from the London Stock Exchange
END
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