NOT FOR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC
OF IRELAND OR SOUTH AFRICA
OR TO US PERSONS.
Weiss Korea Opportunity Fund
Ltd.
("the Company")
(a closed-ended investment scheme incorporated with limited
liability
under the laws of Guernsey with registered number 56535)
LEI 213800GXKGJVWN3BF511
Results of
Realisation Opportunity
As described in the circular to Shareholders published on
15 March 2021, the Company made
available a Realisation Opportunity enabling Shareholders to elect
to realise all, or a part, of their shareholding on or prior to the
fourth anniversary of the Company’s admission to AIM and, unless it
had already been determined that the Company would be wound-up,
every two years thereafter.
On 7 May 2021, the Election Period
closed and the Company now confirms that valid elections were
received from Shareholders totalling 11,710,750 Ordinary Shares,
representing approximately 14.5 per cent. of the Company’s issued
share capital. On 14 May 2021, such
participating Ordinary Shares will be redesignated as Realisation
Shares.
None of the Directors and personnel associated with the
Investment Manager elected to participate in the Realisation
Opportunity in respect of all, or any part of, their respective
shareholdings.
With effect from 14 May 2021, the
Realisation Date, the Company’s current portfolio will be divided
into two pools:
i) The Continuation
Pool; and
ii) The Realisation
Pool.
Each Pool will be accounted for as a separate sub-portfolio,
with the value of the assets and liabilities in the current
portfolio being apportioned to the Realisation Pool pro rata
to the number of Ordinary Shares in respect of which Realisation
Elections have been validly received. The allocation of the assets
and liabilities to be allocated to each pool will be determined by
the Board in its sole discretion on a basis that it deems fair and
reasonable and which it considers would be in the best interests of
both the holders of Realisation Shares and the holders of Ordinary
Shares.
The assets comprising the Realisation Pool will be managed by
the Investment Manager as follows:
a) assets comprised in the Realisation Pool will be
managed in accordance with an orderly realisation programme with
the aim of making progressive returns of cash to holders of
Realisation Shares; and
b) the Board may authorise the sale of assets to the
Continuation Pool from the Realisation Pool in order to return cash
to holders of Realisation Shares.
The assets apportioned to the Continuation Pool will continue to
be managed by the Investment Manager in accordance with the
Company’s investment policy.
Further announcements in respect of the returns of cash to
holders of Realisation Shares will be made as and when appropriate.
In particular, and as set out in the circular to Shareholders,
holders of Realisation Shares should note that it is difficult to
estimate how long it will take to sell all of the assets comprising
the Realisation Pool and distribute cash to Shareholders holding
Realisation Shares. The Realisation Shares will not be listed or
admitted to AIM.
Defined terms in this announcement shall have the same meaning
as terms defined in the circular dated 15
March 2021.
This announcement contains inside information.
For further information please contact:
N+1 Singer
James Maxwell/ Justin McKeegan/ James Fischer – Nominated
Adviser
James Waterlow – Sales |
+44 20 7496 3000 |
Northern Trust International Fund
Administration Services (Guernsey) Limited
Sam Walden |
+44 1481 745 385 |
Website
www.weisskoreaopportunityfund.com