TIDMMIL
RNS Number : 1440J
Myanmar Investments Intl Ltd
03 December 2018
This announcement contains inside 3 December 2018
information
Myanmar Investments International Limited
Warrant Exercise Window
Myanmar Investments International Limited [AIM: MIL] ("MIL" or
the "Company"), the AIM-quoted Myanmar focused investment company,
today announces that the window for warrantholders to exercise all
or any of the warrants held by them is now open and will remain
open until 31 December 2018 (the "Exercise Window"). The terms
applicable to the Exercise Window reflect the terms of the Warrant
Instrument adopted on 21 May 2018 (the "Warrant Instrument"), a
copy of which can be found on the Company's website at
http://myanmarinvestments.com/shares-warrants-and-esops/.
Warrantholders are able to exercise their warrants during the first
calendar month of each Quarter (as defined in the Warrant
Instrument) until 31 December 2021 and the date of exercise for all
notices received during the Exercise Window will be 31 December
2018.
Cash exercise
In accordance with the terms of the Warrant Instrument, one new
ordinary share will be issued for each existing warrant together
with payment of the exercise price of US$0.90.
Cashless exercise
Based on the formula set out in the Warrant Instrument,
warrantholders who wish to exercise their warrants on a cashless
basis during the Exercise Window will receive one new ordinary
share ("Ordinary Share") in exchange for every 7.56 warrants
exercised. This ratio is computed in accordance with Clause 4.2 of
the Warrant Instrument, as follows:
Data
Number of shares in issue before
A the Warrant exercise 37,635,196
B Higher of:
* Directors' NAV^/share before the Warrant exercise $0.944
* VWAP(#) per share $1.092 $1.092
---------
Warrants in issue before the Warrant
C exercise 15,143,602
Warrant proceeds (assuming all outstanding
D Warrants are exercised for cash) $13,629,242
Computations
Theoretical ex-exercise Company (A * B)
E value + D $54,736,490
Theoretical ex-exercise Company E / (A +
F value/share C) $1.037
Theoretical ex-exercise Shares in (A * B)
G issue / F 39,637,016
Number of New Shares issued for
H Warrants G - A 2,001,820
Ratio of New Shares to Warrants
I exercised H / C 0.13
Number of Warrants needed to be
exercised for 1 New Share 7.56
^ NAV is the net asset value in US Dollars per ordinary share as
determined by the Board as at 30 September 2018.
(#) VWAP is the volume weighted average sale price for the
ordinary shares traded on AIM during the Trading Days between
September and November 2018.
Warrantholders who wish to exercise their warrants either for
cash or on a cashless basis should deliver the appropriate
documentation to the Company in accordance with the requirements of
clause 4 of the warrant instrument to arrive on or before 31
December 2018.
Application will be made to the London Stock Exchange for the
admission of the Ordinary Shares issued on the exercise of the
warrants to trading on AIM, should such exercise occur in the
Exercise Window. It is anticipated that admission to trading of,
and dealings in, the Ordinary Shares issued pursuant to the
exercise of warrants in the Exercise Window, will commence on AIM
no later than 10 business days following the close of the Exercise
Window.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
Craig Martin Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments International
Ltd Ltd
+95 (0) 1 391 804 +95 (0) 1 391 804
+95 (0) 94 0160 0501 +95 (0) 94 2006 4957
craigmartin@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Barklem William Marle / Giles Rolls
/ Seamus Fricker finnCap Ltd
Grant Thornton UK LLP +44 (0) 20 7220 0500
+44 (0) 20 7383 5100
For more information about MIL, please visit
www.myanmarinvestments.com
Notes to Editors
Myanmar Investments International Limited (AIM: MIL) was the
first Myanmar-focused investment company to be admitted to trading
on the AIM market of the London Stock Exchange. MIL was established
in 2013 with the intention of building long-term shareholder value
by proactively investing in a diversified portfolio of Myanmar
businesses that will benefit from the country's re-emergence and
ongoing economic development. The Company is led by an experienced
and entrepreneurial team who between them have considerable
industrial, corporate and financial management experience.
MIL aims to identify investments with strong growth which if
necessary can be "de-risked" through the introduction of
experienced senior line-management, mentors and/or strategic
partners sourced by MIL's management board. The Company's main
focus is on opportunities that are experiencing acute supply and
demand imbalances.
MIL provides investors with a highly disciplined and
conservative investment process into one of the most promising
growth opportunities of this era.
MIL's largest investment to-date (US$21 million investment for a
9.1% effective shareholding) is in Apollo Towers, Myanmar's second
largest telecommunications towers company with approximately 1,800
towers. Apollo operates in the high growth telecommunications
sector with a strong management that is growing the number of
co-locations (i.e. multiple tenancies) on its portfolio of towers.
The reorganisation with Pan Asia Towers is expected to produce a
more efficient and profitable combined investment with greater
prospects for an eventual liquidity event. In June 2016, OPIC
provided a US$250 million debt facility to Apollo Towers.
MIL's first investment in August 2014 was into Myanmar Finance
International Limited ("MFIL") which today is one of the leading
microfinance companies in Myanmar. Since MIL invested, MFIL's
business has expanded rapidly. The business is profitable with a
sustainable expansion plan for long-term growth. In November 2015,
the Norwegian Government's Norwegian Investment Fund for Developing
Countries ("Norfund"), the Norwegian development finance
institution, also became a 25% shareholder in MFIL.
MIL's third investment in May 2017 was into Medicare
International Health and Beauty Pte. Ltd., ("Medicare"). This was a
greenfield pharmacy, healthcare and personal care product retail
franchise joint venture. The joint venture partners are: a) H&B
Management Solutions Pte. Ltd., which owns Medicare Vietnam, one of
the largest pharmacy, health, beauty and personal care retail
groups which runs over 70 outlets in Vietnam; and b) Randy Guttery,
an industry veteran in the retail sector in Asia. It is expected
that Medicare will fill a vacuum in the present retail landscape
and at the same time tap into the rapid growth of the middle and
affluent classes in Myanmar. As of 30 September, MIL has invested
US$1.9 million for a 48.6% shareholding in Medicare and expects to
invest more as the store rollout programme continues.
Myanmar, a country of approximately 54 million people and
roughly the size of France, has been isolated for much of the last
50 years. Strategically situated in one of the world's most
economically dynamic regions amid the intersection of India, China
and South East Asia it is a key component of China's 'One Belt One
Road' strategy providing direct access to the Indian Ocean.
Whilst it was once one of the more prosperous countries in
Southeast Asia with an abundance of natural resources (oil, natural
gas, arable land, tourist attractions and a long coastline), it is
now one of the least developed countries in the world. However, it
has a number of competitive advantages: a population of 54 million
people (it is the 26th most populous country in the world); a large
workforce with a high literacy rate of 90%; 68% of the population
is of working age (between 15 and 65); and 28% of the population is
under 24 which is expected to provide a strengthening consumer
demand. According to the IMF, Myanmar's GDP growth rate is expected
to be 7.0% through to 2023.
Myanmar has undergone an unprecedented transformational reform
process, initiated by the U Thein Sein administration in 2011. The
elections in 2015 were the first democratic elections in 50 years.
This remarkable change has not been without its difficulties and
the situation in Rakhine state, which stems from a complex and
historically charged background, remains un-remedied. The Advisory
Commission on the Rakhine State crisis, led by the late former UN
Secretary-General Kofi Annan, has provided an important framework
which can provide the foundations for addressing the distressing
situation there.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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