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Digital 9 Infrastr. (DGI9)

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Thursday 13 January, 2022

Digital 9 Infrastr.

Placing of Ordinary Shares & debt financing update

RNS Number : 2845Y
Digital 9 Infrastructure PLC
13 January 2022
 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") (OTHER THAN ANY MEMBER STATE OF THE EEA WHERE SECURITIES MAY BE LAWFULLY MARKETED) OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN 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 IN ANY JURISDICTION.

PLEASE SEE THE SECTION ENTITLED "IMPORTANT LEGAL INFORMATION" TOWARDS THE END OF THIS ANNOUNCEMENT.

This announcement is an advertisement for the purposes of the Prospectus Regulation Rules of the UK Financial Conduct Authority ("FCA") and is not a prospectus. This announcement does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to subscribe for or to acquire, any ordinary shares in Digital 9 Infrastructure plc in any jurisdiction, including in or into the United States, Canada, Australia, the Republic of South Africa or Japan. Investors should not subscribe for or purchase any ordinary shares referred to in this announcement except on the basis of information in the prospectus published by Digital 9 Infrastructure plc on 8 March 2021 (as supplemented by a supplementary prospectus dated 21 September 2021) (the "Prospectus") and publicly available information, taken together with the information contained in this announcement.

This announcement has been determined to contain inside information for the purposes of the UK version of the market abuse regulation (EU) No.596/2014.

LEI: 213800OQLX64UNS38U92

13 January 2022

 

DIGITAL 9 INFRASTRUCTURE PLC

Placing of Ordinary Shares at a price of 108 pence per Ordinary Share

Update on RCF debt financing

 

Digital 9 Infrastructure plc (the "Company" or "DGI9") today announces the launch of a placing of new ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 108 pence per Ordinary Share (the "Placing Price") (the "Placing") pursuant to the terms of its existing Placing Programme, details of which are set out in the Prospectus.

Placing Highlights

· The Company is targeting gross proceeds of approximately £200 million to be issued under the existing Placing Programme.

· The Placing Price of 108 pence per Ordinary Share represents a discount of 1.5 per cent. to the closing price of 109.6 pence per Ordinary Share on 12 January 2022 (being the date immediately prior to the announcement of the prospective Placing) and a 4.5 per cent. premium to the 30 June 2021 NAV of 103.34 pence.

· The new Ordinary Shares issued under the Placing will rank pari passu with existing Ordinary Shares, including the right to receive dividends and distributions declared after admission of the new Ordinary Shares. In particular, the new Ordinary Shares will have the right to receive the dividend in respect of Q4 2021, expected to be in the order of 1.5p per share.

· The net proceeds of the Placing will be used to acquire further assets in line with the Company's investment objective, identified in the Company's pipeline of investment opportunities, as set out in the Prospectus. The Company is currently substantially fully deployed/committed1 and has identified an immediate term pipeline of approximately £325 million, part of a near term pipeline of approximately £500 million, with a total pipeline of approximately £1.8 billion.

 

Investment Background

· Today, the Company announced that it has signed a conditional SPA to acquire a majority stake in the exclusive operator of public safety wireless networks across the Republic of Ireland, Tetra Ireland Communications Limited ("TETRA Ireland");

· On 10 January 2022, the Company announced that it had agreed to invest a further $93 million in Verne Global over the next 12 months to fund the expansion of capacity by a further 20.7 MW;

· On 9 December 2021, the Company announced that it had completed the acquisition of a data centre asset and subsea fibre landing station, SeaEdge UK1, on the UK's largest data centre campus in Newcastle, which is also a landing point for one of the sub-sea fibre systems owned by Aqua Comms (a D9 investee company);

· On 6 September 2021, the Company completed the acquisition of a data centre platform, Verne Holdings Limited (trading as Verne Global, "Verne Global"), a leading Nordic data centre platform delivering sustainable data centre solutions in a geographically optimal environment;

· On 28 July 2021, the Company announced it had entered definitive agreements to deploy over £50 million into the development of a new intercontinental fibre system, Europe Middle-East India Connect 1 ("EMIC-1"); and

· On 1 April 2021, the Company announced the acquisition of Aqua Comms, a platform owning and operating some 20,000km of the most reliable and resilient trans-Atlantic sub-sea fibre systems - the "backbone of the internet".

 

Use of Proceeds and Pipeline2

· The net proceeds of the Placing will be used to acquire further assets as identified in the Company's IPO pipeline of investment opportunities.

· The Company's Investment Manager, Triple Point Investment Management Limited LLP ("Triple Point" or the "Investment Manager") has identified an immediate term pipeline of approximately £325 million, part of a near term pipeline of approximately £500 million, with a total pipeline of approximately £1.8 billion. 

 

Update on RCF debt financing

To assist in short term funding of the Company's pipeline of investment opportunities, the Investment Manager is in the process of arranging a new syndicated revolving credit facility of up to £300 million (the "RCF"). The Company has appointed a sole coordinator for the RCF and, subject to agreement of final terms with the lender group, it is anticipated the RCF will be available for draw down by the end of February 2022.

As set out in the Prospectus, gearing will only be used by the Company to finance acquisitions on a short term basis, with long term gearing likely to be applied at an investee company level.

 

Notes:

1 - This includes all investment, committed capital, expenses and dividends.

2 - It should be noted that there are no legally binding agreements in place concerning the acquisition of the investments identified with the pipeline of investment opportunities and there can be no guarantee that any such agreements will be entered into or that the Company will acquire all or any of the pipeline investments referred to in this announcement.

 

Expected Timetable

The expected timetable for the Placing is as follows:

Placing opens 

 

13 January 2022

Latest time and date for receipt of commitments under the Placing

 

12.00 p.m. on 25 January 2022

Announcement of the results of the Placing

 

7.00 a.m. on 26 January 2022

Admission of the new Ordinary Shares issued in the Placing to trading and dealings commence

 

8.00 a.m. on 28 January 2022

Crediting of CREST stock accounts in respect of the new Ordinary Shares

 

28 January 2022

Where applicable, definitive share certificates despatched in respect of the new Ordinary Shares

 

week commencing 31 January 2022 (or as soon as possible thereafter)

The dates and times specified above are subject to change. In particular, the Directors may (with the prior approval of Akur and J. P. Morgan Cazenove) bring forward or postpone the closing time and date for the Placing. In the event that a date or time is changed, the Company will notify persons who have applied for Ordinary Shares by post, electronic mail or by the publication of a notice through a Regulatory Information Service. References to all times are to times in London unless otherwise stated.

Akur Limited (trading as Akur Capital) ("Akur"), is acting exclusively as Financial Adviser to the Company and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") is acting as Global Coordinator and Sole Bookrunner on the Placing.

 

The Placing is a "Subsequent Placing" pursuant to the Placing Programme and is being conducted in accordance with the terms and conditions of the Placing Programme as set out in the Prospectus. Approximately 334 million Ordinary Shares remain available to be issued under the Placing Programme. The Prospectus is available for viewing at the National Storage Mechanism at  https://data.fca.org.uk/#/nsm/nationalstoragemechanism  and on the Company's website  www.d9infrastructure.com .

 

By choosing to participate in the Placing and by making an oral and legally binding offer to subscribe for Ordinary Shares, investors will be deemed to have read and understood this announcement and the Prospectus in their entirety and to be making such offer on the terms and subject to the conditions contained in Part 14 of the Prospectus, and to be providing the representations, warranties and acknowledgments contained therein.

 

Any capitalised terms used but not otherwise defined in this announcement have the meaning set out in the Prospectus.

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT

 

Triple Point Investment Management LLP

Thor Johnsen / Andre Karihaloo 

 

 

+44 (0) 20 7201 8989

J.P. Morgan Cazenove

William Simmonds / Jérémie Birnbaum (Corporate Finance)

James Bouverat / Liam MacDonald-Raggett (Sales)

+44 (0) 20 7742 4000

Akur Capital 

Tom Frost / Anthony Richardson / Siobhan Sergeant

+44 (0) 20 7493 3631

Sapience Communications

Richard Morgan Evans / Sasha Johnson

 

+44 (0) 203 195 3240 /

+44 (0) 775 108 7291

[email protected]

NOTES:

 

Digital 9 Infrastructure plc is an investment trust which invests in a range of digital infrastructure assets which help to deliver, inter alia, a reliable, functioning internet.

 

The Company's portfolio will comprise scalable platforms and technologies including (but not limited to) subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks (including 5G).

 

With its IPO in March 2021, to date, D9 has raised total equity of £750 million, investing (or committing to invest) the net proceeds into data centres, fibre networks and wireless networks:

 

· Aqua Comms, a leading owner and operator of 20,000km of the most modern subsea fibre systems - the backbone of the internet - with a customer base comprising the hyperscalers and global carriers (April 2021);

· EMIC-1, a partnership with a hyperscaler on a 10,000km fibre system from Europe to India (July 2021);

· Verne Global, one of the leading Nordic data centre platforms, delivering high intensity computing solutions to its enterprise customers in a geographically optimal environment, powered by 100% renewable power - one of the most efficient data centres in Europe (September 2021);

· SeaEdge UK1, a data centre and the UK's only landing station for the North Sea Connect subsea cable, part of the North Atlantic Loop subsea network, which includes D9's AEC-1 and AEC-2 cables, improving connectivity between the UK, Scandinavia and North America (December 2021); and

· TETRA Ireland, the exclusive operator of public safety wireless networks across the Republic of Ireland (January 2022).


The Investment Manager is Triple Point Investment Management LLP ("Triple Point") which is authorised and regulated by the Financial Conduct Authority, with extensive experience in asset and project finance, portfolio management and structured investments. The Investment Manager's digital infrastructure team has a proven track record of over US$3 billion of infrastructure investments and, in addition, benefits from a panel of digital infrastructure industry experts with deep knowledge, relationships and involvement in a combined US$250 billion of digital infrastructure transactions.

 

The Company is focused on the provision of Digital Infrastructure integrated with green and cleaner power in line with UN Sustainable Development Goal 9: "Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation".

 

The Company's Ordinary Shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 31 March 2021.

 

For more information, please visit  www.d9infrastructure.com .

 

IMPORTANT LEGAL INFORMATION

Members of the public are not eligible to take part in the Placing. This announcement is for information purposes only and is directed only at persons  in the United Kingdom who are qualified investors within the meaning of Article 2(e) of the UK Prospectus Regulation who are also (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who fall within article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc") of the Order (all such persons together being the "Relevant Persons"). This Announcement must not be acted on or relied on by persons who are not Relevant Persons. For the purposes of this provision the expression "UK Prospectus Regulation" means the UK version of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended by The Prospectus (Amendment, etc) (EU Exit) Regulations 2019.

This announcement is a financial promotion and is not intended to be investment advice. The content of this announcement, which has been prepared by and is the sole responsibility of the Company, has been approved by Triple Point Investment Management LLP, which is authorised and regulated by FCA, solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 (as amended).

This announcement is an advertisement and does not constitute a prospectus and investors must subscribe for or purchase any shares referred to in this announcement only on the basis of information contained in the Prospectus and not in reliance on this announcement. Copies of the Prospectus are available for viewing at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website (https://   https://www.d9infrastructure.com/ ). 

The Company is a Jersey registered alternative investment fund, and it is regulated by the Jersey Financial Services Commission as a 'listed fund' under the Collective Investment Funds (Jersey) Law 1988 (the "Funds Law") and the Jersey Listed Fund Guide published by the Jersey Financial Services Commission. The Jersey Financial Services Commission is protected by the Funds Law against liability arising from the discharge of its functions thereunder.  This announcement is an advertisement for the purposes of the Financial Services (Advertising) (Jersey) Order 2008, and it has not been approved by the Jersey Financial Services Commission.

This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase investments of any description or a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company. The merits or suitability of any securities must be independently determined by each investor on the basis of its own investigation and evaluation of the Company.

Nothing in this announcement constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity. No reliance may be placed for any purposes whatsoever on this announcement (including, without limitation, any illustrative modelling information contained herein), or its completeness.

This announcement is not an offer to sell or a solicitation of any offer to buy any securities in the Company in the United States, Australia, Canada, New Zealand or the Republic of South Africa, Japan, or in any other jurisdiction where such offer or sale would be unlawful.

This communication is not for publication or distribution, directly or indirectly, in or into the United States of America. This communication is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

The Company has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the Company's securities will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Company's securities may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act.

Moreover, the Company's securities will not be registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the European Economic Area ("EEA") (other than any member state of the EEA where the Company's securities may be lawfully marketed). Subject to certain exceptions, the Company's securities may not be offered or sold in Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than any member state of the EEA where the Company's securities may be lawfully marketed) or to, or for the account or benefit of, any national, resident or citizen of, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states for which marketing approval has been obtained in accordance with the requirements of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (the "AIFM Directive"), as implemented in the relevant jurisdiction).

This announcement must not be acted on or relied on in any member state of the EEA by persons: (a) who are not "qualified investors" within the meaning of Article 2(e) of the EU Prospectus Regulation who are  "professional investors", as defined in the AIFM Directive; or (b) (if they are domiciled, resident or have a registered office in the EEA) that are located in a member state of the EEA in which the Company has not been appropriately registered or has not otherwise complied with the requirements under the AIFM Directive (as implemented in the relevant EEA member state) necessary for the lawful marketing of the ordinary shares in the Company (the "Ordinary Shares"). For the purposes of this paragraph, the "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk of investing in companies admitted to the Specialist Fund Segment. Further, the Ordinary Shares are only suitable for investors: (i) who understand and are willing to assume the potential risks of capital loss and understand that there may be limited liquidity in the underlying investments of the Company; (ii) for whom an investment in the Ordinary Shares is part of a diversified investment programme; and (iii) who fully understand and are willing to assume the risks involved in such an investment. If any investor is in any doubt about the contents of this announcement, it should consult its accountant, legal or professional adviser or financial adviser.

The information in this announcement is for background purposes only 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. No representation or warranty, express or implied, is given by the directors of the Company or any other person as to the accuracy of information or opinions contained in this announcement and no responsibility is accepted for any such information or opinions. The material contained in this announcement is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. In particular, any proposals referred to herein are subject to revision and amendment.

Investors should only subscribe for the Ordinary Shares referred to in this announcement on the basis of information contained in the Prospectus. You should read the Prospectus in its entirety before investing, and in particular the risk factors set out therein.

The Company has a limited operating history. Potential investors should be aware that any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company, the Investment Manager or any other person. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision in respect of the Company. The value of investments may fluctuate. Information in this announcement or any of the documents relating to the Issue cannot be relied upon as a guide to future performance.

Each of Akur (which is regulated in the UK by the FCA) and J.P. Morgan Cazenove (which is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the UK by the FCA and the PRA), is acting exclusively for the Company and for no‐one else in connection with the matters described in this announcement and will not regard any other person as its client in relation thereto and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein. Neither Akur nor J.P. Morgan Cazenove, nor any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for this announcement, its contents or otherwise in connection with it or any other information relating to the Company, whether written, oral or in a visual or electronic format.

This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements can be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "might", "will" or "should" or, in each case, their negative or other variations or similar expressions. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, strategy, plans, proposed acquisitions and objectives, are forward‐looking statements. These forward‐looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. The target initial dividend yield and target net total accounting return figures contained in this announcement should not be taken as an indication of the Company's expected future performance or results. These are targets only and there is no guarantee that they can or will be achieved.  Accordingly, investors should not place any reliance on such targets.

None of the Company, the Investment Manager, Akur and/or J.P. Morgan Cazenove, or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, the Investment Manager, Akur and J.P. Morgan Cazenove, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("Directive 2014/65/EU"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing Directive 2014/65/EU; (c) local implementing measures; and/or (d) (where applicable to UK investors or UK firms) the relevant provisions of the UK statutory instruments implementing Directive 2014/65/EU and Commission Delegated Directive (EU) 2017/593, Regulation (EU) No 600/2014 of the European Parliament, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (together, the "UK MiFID Laws")  (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that the Ordinary Shares to be issued pursuant to the Placing are: (i) compatible with an end target market of retail investors who understand, or have been advised of, the potential risk of investing in companies admitted to the Specialist Fund Segment and investors who meet the criteria of professional clients and eligible counterparties, each as defined in Directive 2014/65/EU or the UK MiFID Laws (as applicable); and (ii) eligible for distribution through all distribution channels as are permitted by Directive 2014/65/EU or the UK MiFID Laws, as applicable (the "Target Market Assessment").

Notwithstanding the Target Market Assessment, distributors should note that: (a) the price of the Ordinary Shares may decline and investors could lose all or part of their investment; (b) the Ordinary Shares offer no guaranteed income and no capital protection; (c) an investment in the Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom; and (d) the Ordinary Shares will be admitted to the Specialist Fund Segment, which is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, J.P. Morgan Cazenove will only procure investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of Directive 2014/65/EU or the UK MiFID Laws, as applicable; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ordinary Shares.

Each distributor (including any intermediary) is responsible for undertaking its own Target Market Assessment in respect of the Ordinary Shares and determining appropriate distribution channels.

PRIIPS Regulation

In accordance with the UK version of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (the "UK PRIIPs Laws"), a key information document in respect of the Ordinary Shares was prepared by Digital 9 Infrastructure plc at the time of the publication of the Prospectus and is available to investors on the Company's website.

If you are distributing any class of shares in the Company, it is your responsibility to ensure that the relevant key information document is provided to any clients that are "retail clients".

The Investment Manager is the only manufacturer of the Ordinary Shares for the purposes of the UK PRIIPs Laws and none of the Company, Akur nor J.P. Morgan Cazenove is a manufacturer for these purposes. None of the Company, the Akur nor J.P. Morgan Cazenove makes any representations, express or implied, or accepts any responsibility whatsoever for the contents of the KID prepared by the Investment Manager nor accepts any responsibility to update the contents of the KID in accordance with the UK PRIIPs Laws, to undertake any review processes in relation thereto or to provide the KID to future distributors of Ordinary Shares. Each of the Company, Akur and J.P. Morgan Cazenove and their respective affiliates accordingly disclaims all and any liability whether arising in tort or contract or otherwise which it or they might have in respect of any key information documents prepared by the Investment Manager from time to time.

 

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