Result of Placing and Offer

RNS Number : 5860F

Acorn Income Fund Ld

24 May 2013

 



ACORN INCOME FUND LIMITED

RESULT OF PLACING AND OFFER

Acorn Income Fund Limited (the "Company") is pleased to announce that it has raised a total of £10 million through the Initial Placing and Offer in the form of:

·      2,210,418 New Ordinary Shares at the Initial Placing and Offer Price per New Ordinary Share of 297.70 pence, which is equal to the NAV per Ordinary Share on the Calculation Date of 22 May 2013; and

·      2,967,103 New ZDP Shares at the Initial Placing and Offer Price per New ZDP Share of 115.25 pence.

The Initial Placing and Offer remain conditional upon the following conditions:

·      Admission becoming effective by no later than 8.00 a.m. on 29 May 2013 (or such later date (being no later than 30 June 2013) as may be provided for in accordance with the terms of the Placing and Offer Agreement); and

·      the Placing and Offer Agreement becoming otherwise unconditional in all respects, and not being terminated in accordance with its terms before Admission becomes effective.

It is expected that Admission will become effective, and dealings in the New Shares will commence, at 8.00 a.m. on 29 May 2013.

It is expected that New Shares issued under the Initial Placing and Offer in uncertificated form will be credited to accounts in CREST on 29 May 2013, and that definitive share certificates for the New Shares issued in certificated form will be dispatched in the week commencing 3 June 2013.

It was necessary to significantly scale back applications for New ZDP Shares to ensure that, following the Initial Placing and Offer, the Cover for the ZDP Shares is maintained.  Applicants under the Initial Placing and Offer will be notified of allocations of New ZDP Shares by Numis and the Receiving Agent respectively.

The enlarged share capital of the Company following Admission will be 11,150,208 Ordinary Shares and 14,967,103 ZDP Shares.

Following completion of the Initial Placing and Offer, the Directors will implement the Placing Programme.  Pursuant to the Placing Programme, the Directors are authorised to issue up to approximately a further 12 million New Ordinary Shares and 16 million New ZDP Shares.  The Placing Programme is being implemented to enable the Company to satisfy demand for Ordinary Shares and ZDP Shares and to increase the size of the Company. The Placing Programme Price per New Ordinary Share and per New ZDP Share will be determined by the Company.

Further Information

Anson Fund Managers Limited

Secretary

Tel: [phone]

Numis Securities Limited

Nathan Brown, Corporate Broking

David Luck, Sales

Tel: [phone]

Premier Fund Managers Limited

Investment Adviser

Tel: [phone]

Important Notices

Unless otherwise defined, capitalised words and phrases in this announcement shall have the meaning given to them in the prospectus published by the Company on 8 May 2013 (the "Prospectus"). This announcement should be read in conjunction with the full text of the Prospectus, a copy of which is available on the following website -

http://www.premierfunds.co.uk/library/trusts/info/acorn_prospectus.pdf.

This announcement is for information purposes only and does not constitute an invitation to subscribe for or otherwise acquire or dispose of securities in the Company in any jurisdiction. The information contained in this announcement is for background purposes, is subject to updating and amendment, and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company should be made solely on the basis of the information contained in the Prospectus. This document does not constitute a recommendation regarding the securities of the Company.

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made to, or in relation to, and no responsibility or liability is or will be accepted by Numis Securities Limited ("Numis") as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Numis is acting for the Company as sponsor, corporate broker and financial adviser in relation to the proposed issues of New Shares. Numis is authorised and regulated by the Financial Conduct Authority. Numis is not acting for anyone else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the proposed issues or any other matter referred to herein. To the fullest extent permitted by law recipients agree that Numis shall not have any liability (direct or indirect) for or in connection with this announcement or any matters arising out of or in connection herewith. Numis has not authorised the contents of, or any part of, this document.

The New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable state securities laws of the United States, and accordingly, subject to certain exceptions, may not be offered or sold directly or indirectly in or into the United States, or to or for the benefit of any U.S. person (within the meaning of Regulation S under the Securities Act). In addition, the Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended.

This announcement and the information contained herein is not for publication, release, or distribution, directly or indirectly, in, or into, the United States, Australia, Canada, Japan, South Africa or any jurisdiction in which the same would be unlawful or to U.S. Persons. The information contained herein does not constitute an offer of securities for sale including in the United States, Australia, Canada, Japan or South Africa.

The distribution of this announcement and the Prospectus in certain jurisdictions may be restricted by law. No action has been taken by the Company or Numis that would permit an offering of any New Shares or possession or distribution of this announcement or any other offering or publicity material relating to such New Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company and Numis to inform themselves about, and to observe, such restrictions.

24 May 2013

E&OE - in transmission

 

END

 

 

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