Aberdeen Emerging Markets announces tender results – Aberdeen Emerging Markets (AEMC) has announced the results of its proposed Tender Offer on 19 February 2018 (click here). The tender is to be conducted at a price reflecting a discount of 3.5% to NAV, and so will be NAV accretive for remaining holders. AEMC’s Board says that a total of 41,804,580 Shares (81.7% of AMEC’s issued share capital, excluding treasury shares, as at 20 February 2018) were validly tendered. As a result, the tender offer was oversubscribed and the basic entitlement of all shareholders, who have validly tendered their shares, will be accepted in full. Excess tenders will be satisfied to the extent of approximately 1.12% of the excess shares tendered.
In its announcement on 19 February 2018, the board said that, assuming the tender was fully subscribed, the costs of the tender were anticipated to be more than offset by the uplift in NAV once the relevant shares have been purchased. A total of 5,119,633 Shares will be repurchased by the Company on 17 April 2018 and held in treasury. AEMC says that it is expected that payments will be made in respect of successfully tendered Shares during the week commencing 23 April 2018.
Following the implementation of the Tender Offer, AEMC will have 54,618,507 Shares in issue (including 8,571,411 Shares which will be held in treasury). The total number of Shares with voting rights in the Company will be 46,047,096.
Aberdeen Emerging Markets announces tender results