Aberdeen Frontier Markets’ Board says that the number of ordinary s that were tendered is such that the Board is of the view that the continuance of the company as currently constituted is not in the best interests of the continuing shareholders (i.e. the ongoing fund would have been too small). Accordingly it has exercised the right, as set out in the Circular, to terminate the tender offer. The company will put forward alternative proposals to the shareholders.
They have had a detailed proposal from Aberdeen Fund Managers Limited regarding the future of the Company which would include a cash exit opportunity and expect to consult with shareholders shortly.
AFMC : Aberdeen Frontier Markets won’t proceed with tender offer