Result of EGM

26 February 2009

                   Africa Opportunity Fund Limited
                      ("AOF" or "the Company")

                           Results of EGM

The Board of AOF announces that at the EGM of the Company, which took
place earlier today, the Resolution proposed to shareholders in
respect of approval of the Tender Offer (as such terms are defined in
the circular to shareholders of the Company dated 4 February 2009
(the 'Circular')) was duly passed.
As announced on 19 February 2009, 72,879,673 ordinary shares in the
Company, which represent 63.09 per cent. of the issued ordinary
shares eligible for tender, have been tendered.
The Company's assets and liabilities will be divided into the Tender
Offer Pool and the Continuing Pool, which will take place on the
Calculation Date which is anticipated to be 27 February 2009.
Ordinary Shares successfully tendered will be treated as purchased
and cancelled on the Calculation Date with applicable Tender
Consideration left outstanding as a deferred liability of the
Company.

Following the Calculation Date, Exiting Shareholders will cease to
have any rights as Shareholders but will become unsecured creditors
of the Company (each with a proportionate right to the Tender
Consideration) until the payment of the Tender Consideration has been
completed. Thereafter the Tender Consideration will be paid to
Exiting Shareholders (in one or more payments) as and when the
Company is able to realise the investments in the Tender Offer
Portfolio. Distributions of tranches of the Tender Consideration will
be made as and when the Investment Manager believes it to be
appropriate given the amounts realised.

Robert Knapp, Chairman, commented "The Tender Offer was made after
close consultation with our major shareholders, several of whom have
a pressing need to realise investments, including their investments
in the Company.  AOF now looks forward with its ongoing shareholders
to pursuing the many attractive investment opportunities it sees
available in Africa today."

As previously announced, with effect from 4 March 2009 the admission
of the Company's ordinary shares to trading on the CISX will be
cancelled, and the ordinary shares will continue to be traded on AIM
exclusively.
Definitions used in this announcement have the same meaning as the
definitions set out in the Circular dated 4 February 2009.
For further information please contact:

Africa Opportunity Fund Limited
Francis Daniels                                   Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)
Philip J Secrett                                    Tel: [phone]
5100

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