16 April 2024
LEI: 213800KX5ZS1NGAR2J89
NOT
FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY,
IN OR TO INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC
OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER
JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF
THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION
ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS
ANNOUNCEMENT.
Ashoka India Equity
Investment Trust plc
(the
"Company" or "Ashoka India Equity Investment Trust")
Publication of Circular and
Notice of General Meeting
Ashoka India Equity Investment Trust
announces that it has today published a shareholder circular (the
"Circular") to convene a general meeting to be held on
3 May 2024 (the "General
Meeting"). The purpose of the Circular is to provide shareholders
with details of a proposed new share issuance programme together
with details of a proposed change to the Company's investment
policy (together the "Proposals") and to convene the General
Meeting to obtain the required shareholder approvals for the
Proposals.
Share issuance programme
The Company is seeking shareholder
approval to issue up to 150 million new ordinary shares on a
non-pre-emptive basis in connection with the implementation of a
new share issuance programme. The implementation of the share
issuance programme requires the publication of a prospectus. The
Company intends to publish a prospectus containing details of the
new share issuance programme shortly. A further announcement giving
details of the prospectus and the share issuance programme will be
made in due course.
Proposed change to investment
policy
The current investment policy states
that "it is expected that the
Company's portfolio will comprise approximately 50 to 100
investments although, in order to allow the Investment Manager and
Investment Adviser flexibility to take advantage of opportunities
as they arise, the portfolio may occasionally comprise holdings
outside of this range". As detailed in the Circular, the
Company is now seeking shareholder approval to remove the upper end
of this range, with the amended investment policy to state that the
Company's portfolio will comprise a minimum of approximately 50
investments. The change is being proposed to increase flexibility
in the number of investments the Company can hold at any time to
benefit from the increased investable universe in India since the
Company's IPO. No other changes to the investment policy are being
proposed.
Full details of the resolutions to be
voted on by shareholders of the Company at the General Meeting,
along with the time and location of the General Meeting, are
contained within the Circular.
Copies of the Circular will shortly
be available for inspection at the Company's registered office (6th
Floor, 125 London Wall, London EC2Y 5AS) and via the Company's
website (www.ashokaindiaequity.com).
The Circular will also shortly be available via the National
Storage Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism).
This announcement has been released
on behalf of the Company by order of the Board.
Enquiries:
Apex
Listed Companies Services (UK) Limited
Jenny Thompson
0203 327 9720
Peel
Hunt LLP
Luke Simpson / Liz Yong / Huw
Jeremy
020 7418 8900
Disclaimer
This announcement does not constitute
a new prospectus relating to the Company and does not constitute,
or form part of, any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any shares
in the Company in any jurisdiction nor shall it, or any part of it,
or the fact of its distribution, form the basis of, or be relied on
in connection with or act as any inducement to enter into, any
contract therefor.
Peel Hunt LLP ("Peel Hunt"), which is
authorised and regulated by the Financial Conduct Authority, is
acting for the Company only in connection with the matters
described in this announcement and is not acting for or advising
any other person, or treating any other person as its client, in
relation thereto and will not be responsible for providing the
regulatory protection afforded to clients of Peel Hunt or advice to
any other person in relation to the matters contained
herein.
The shares of the Company have not
been, and will not be, registered under the U.S. Securities Act of
1933 (as amended) (the "Securities Act") or under the securities
laws of any state or other jurisdiction of the United States, and
may not be offered or sold into or within the United States, absent
registration, except pursuant to an applicable exemption from, or
in a transaction that is not subject to, the registration
requirements of the Securities Act and in compliance with the
securities laws of any relevant state or other jurisdiction of the
United States. Moreover, the shares of the Company have not been,
nor will they be, registered under the applicable securities laws
of India, Australia, Canada, the Republic of South Africa, Japan or
any member state of the EEA. Further, the Company is not, and will
not be, registered under the US Investment Company Act of 1940, as
amended. The shares of the Company may be offered outside of the
United States pursuant to the provisions of Regulation S of the
Securities Act. Subject to certain exceptions, the shares of the
Company may not be offered or sold in India, the United States,
Australia, Canada, the Republic of South Africa, Japan or any
member state of the EEA (other than to professional investors in
certain EEA member states for which marketing approval has been
obtained) or to, or for the account or benefit of, any national,
resident or citizen of India, the United States, Australia, Canada,
the Republic of South Africa, Japan or any member state of the EEA
(other than to professional investors in certain EEA member states
for which marketing approval has been obtained). The distribution
of this announcement, in other jurisdictions may be restricted by
law and the persons into whose possession this announcement comes
should inform themselves about, and observe, any such
restrictions.
None of the Company, Acorn Asset
Management Ltd (the "Investment Manager"), White Oak Capital
Partners Pte. Ltd. (the "Investment Adviser") or Peel Hunt, or any
of their respective affiliates, accepts any responsibility or
liability whatsoever for, or makes any representation or warranty,
express or implied, as to this announcement, including the truth,
accuracy or completeness of the information in this announcement
(or whether any information has been omitted from the announcement)
or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss
howsoever arising from any use of the announcement or its contents
or otherwise arising in connection therewith. The Company, the
Investment Manager, the Investment Adviser and Peel Hunt, and their
respective affiliates, accordingly disclaim all and any liability
whether arising in tort, contract or otherwise which they might
otherwise have in respect of this announcement or its contents or
otherwise arising in connection therewith.