Aberdeen Frontier Markets Investment Company has announced that both of the resolutions put forward at the EGM held today have been passed. As described in the circular to shareholders and notice of EGM dated 3 February 2017, resolution 1 was to approve the new Investment Objective and Policy of the Company and resolution 2 was to approve the Tender Offer.
Tender Offer
The Company has received valid tender acceptances of 97,307,392 Ordinary Shares of the Company representing 57.57 per cent of the Ordinary Shares in issue excluding shares in treasury. Numis is seeking to sell some of such tendered Ordinary Shares to Incoming Investors at the Investment Price.
Any Ordinary Shares not sold by Numis to Incoming Investors will be repurchased by the Company. Tendering Shareholders will receive the full Tender Price in cash for the Exit Shares (including the On-sale Shares) only once all of the assets in the Tender Pool have been fully realised. However, if and when an interim distribution from the Tender Pool is made, the amount received by Tendering Shareholders will include an amount in respect of their pro rata proportion of any On-sale Shares.
Aberdeen has agreed with the Company that it will invest GBP10 million (inclusive of any transfer taxes and costs) in the Company provided this investment does not represent more than 20 per cent. of the issued share capital of the Company immediately following the Tender Offer. This commitment shall be satisfied by Aberdeen purchasing On-sale Shares from Numis.
The Tender Offer FAV and number of On-sale Shares are expected to be announced on 16 March 2017.
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