Aberdeen Frontier Mkts Inv Co Ltd Proposed cancellation and voluntary winding-up (7508R)
01 Julio 2020 - 8:28AM
UK Regulatory
TIDMAFMC
RNS Number : 7508R
Aberdeen Frontier Mkts Inv Co Ltd
01 July 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE EU MARKET ABUSE REGULATION 596/2014.
1 July 2020
Aberdeen Frontier Markets Investment Company Limited
LEI: 213800X9N731I4IPK361
Notification of proposed cancellation of admission of Ordinary
Shares to trading on AIM and proposed voluntary winding-up of the
Company
Aberdeen Frontier Markets Investment Company Limited (" AFMC "
or the "Company") (AIM: AFMC), the closed-end investment company
admitted to trading on AIM, announces that in line with the
Company's discount control policy adopted in October 2018, the
Company's Share Price Total Return has failed to exceed the
Company's reference benchmark being the Morgan Stanley Capital
International Frontier Markets Index (the "Benchmark"), in sterling
terms over the period from 1 July 2018 to 30 June 2020.
In October 2018, the Board, with the consent of shareholders,
resolved to adopt a new discount control policy, amending its
historic policy of entitling investors to tender a number of
Ordinary Shares in excess of 15 per cent. of the number of Ordinary
Shares held by them at that point in time, to instead providing its
shareholders at the end of the period from 1 July 2018 to 30 June
2020 with the opportunity to fully exit their investment in the
Company for cash, at the then prevailing net asset value less any
applicable direct costs including any realisation costs of
underlying investments, should the Share Price Total Return for
this two year period fail to exceed the Portfolio's reference
Benchmark (in sterling terms). Full details regarding the amendment
to the discount control policy can be found in the circular dated
19 September 2018 which is available on the Company's website at
aberdeenfrontiermarkets.co.uk
Therefore, following careful consideration of the amended
discount control policy, the requirement to offer shareholders a
cash exit, the prospects for frontier markets and the current size
and operational costs of the Company, the Board believe that it is
in the best interests of the Company and its shareholders to seek
the proposed Cancellation and commence an orderly winding-up of the
Company.
Having taken into consideration the costs of providing any
possible rollover option and indications received from shareholders
representing a large number of the Company's Ordinary Shares
seeking cash, the Board has concluded that the possible value of
net assets that might seek such a rollover would be insufficient to
make this a viable option.
The Company will issue further updates relating to the detailed
timetable for the Cancellation and the winding-up of the Company
and will be posting a circular to shareholders to convene an
extraordinary general meeting of the Company for shareholders to
vote on such proposals in due course.
DEFINITIONS
Cancellation the proposed cancellation of
the admission of the Ordinary
Shares to trading on AIM
Ordinary Shares the Ordinary Shares of no par
value each in the capital of
the Company
Portfolio the Company's portfolio of investments
from time to time
Share Price Total Return expressed in percentage terms,
the change in share price of
an Ordinary Share calculated
by reference to market price
(as opposed to NAV) re-investing
all revenue and capital distributions
on the relevant ex-dividend date
For further information please contact:
MANAGER:
G ary Jones
A berdeen Standard Fund Managers Limited (Investment Manager
to Aberdeen Frontier Markets Investment Company Limited)
T: +44 (0) 20 7463 6000
Gary.Jones@aberdeenstandard.com
BROKER:
David Benda
Numis Securities Limited
T: +44 (0) 20 7260 1275
D.Benda@numis.com
NOMINATED ADVISER:
Philip Secrett
Jen Clarke
Seamus Fricker
Grant Thornton UK LLP
T: +44 (0) 20 7383 5100
Philip.J.Secrett@uk.gt.com
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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