NOT FOR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO CANADA, AUSTRALIA OR JAPAN.
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 13 March 2023, the Company made available a
Realisation Opportunity enabling Shareholders to elect to realise
all, or a part, of their shareholding in the Company.
On
5 May 2023, the Election Period
closed and the Company now confirms that valid elections were
received from Shareholders totalling 41,496 Ordinary Shares,
representing approximately 0.06 per cent. of the Company’s issued
share capital. On 12 May 2023, 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 12 May 2023, 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 a
return 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.
A further
announcement in respect of the return of cash to holders of
Realisation Shares will be made as and when appropriate. 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 13 March
2023.
For
further information please contact:
|
Singer
Capital Markets
James
Maxwell/ James Fischer – Nominated Adviser
James
Waterlow – Sales
|
+44 20
7496 3000
|
|
Northern
Trust International Fund
Administration
Services (Guernsey) Limited
Andrew Le
Page
|
+44 1481
745 001
|
|
|
|
Website
www.weisskoreaopportunityfund.com