Result of Tender Offer and Tender Price

RNS Number : 1442V

Advance Developing Markets Fund Ltd

10 December 2013

 



For release on 10 December 2013

 

Advance Developing Markets Fund Limited

Result of Tender Offer and Tender Price

Further to the announcement made by Advance Developing Markets Fund Limited (the "Company") on 21 November 2013 regarding the publication of a circular explaining the terms of a Tender Offer for up to 10 per cent. of the Shares in issue, the Company today announces the result of the Tender Offer and the Tender Price.

 

Result of the Tender Offer

 

A total of 48,376,920 Eligible Shares (being 75.4 per cent. of the Company's Shares in issue as at 7 November 2013) were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 1.81 per cent. of the excess Shares tendered.

6,412,758 Shares will be repurchased by the Company under the Tender Offer and cancelled, equating to 10 per cent. of the Company's Shares in issue as at 7 November 2013.

It is expected that cheques will be despatched and CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares and that the balancing Share certificates and TFE messages in respect of any unpurchased Eligible Shares will be despatched during the week commencing 16 December 2013.

Following the implementation of the Tender Offer the Company will have 57,715,696 Shares in issue (excluding 2,672,278 Shares held in Treasury).

Accordingly, 57,715,696 Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA's Disclosure and Transparency Rules.

Tender Price

 

As at the Calculation Date, being close of business on 6 December 2013, the Net Asset Value was 473.81 pence per Share. Accordingly the Tender Price, calculated in accordance with the circular to Shareholders dated 21 November 2013 (the "Circular"), is 466.4036 pence per Share.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.

For further information, please contact:

Advance Developing Markets Fund Limited

Richard Bonsor, Chairman                                                                           020 7484 7484

Westhouse Securities Limited

Financial adviser and broker

Alastair Moreton                                                                                            020 7601 6118

Hannah Young

Darren Vickers

 

END

 

 

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