Tender Price and Total Voting Rights

RNS Number : 3745A

Advance Developing Markets Fund Ltd

19 March 2013

 



For release on 19 March 2013

 

Advance Developing Markets Fund Limited

Tender Price and Total Voting Rights

Further to the announcement made by Advance Developing Markets Fund Limited (the "Company") on 15 March 2013 regarding the passing of the Tender Resolution at the EGM to authorise the Tender Offer for up 15 per cent of the Shares in issue, the Company today announces that the Net Asset Value as at the Calculation Date was 540.10 pence per Share. Accordingly the Tender Price, calculated in accordance with the Circular to Shareholders dated 8 February 2013 (the "Circular"), is 531.1576 pence per Share.

 

A total of 57,351,742 Eligible Shares (being 76.0 per cent. of the Company's Shares in issue as at 21 December 2012) 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 2.06 per cent. of the excess Shares tendered.

11,320,272 Shares will be repurchased by the Company under the Tender Offer and cancelled, equating to 15 per cent. of the Company's Shares in issue as at 21 December 2012.

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 25 March 2013.

Following the implementation of the Tender Offer the Company will have 64,148,682 Shares in issue (excluding 2,652,050 Shares held in Treasury).

Accordingly, 64,148,682 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 FSA's Disclosure and Transparency Rules.

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

Darren Vickers

 

END

 

 

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