Weiss Korea has published a circular in connection with its latest realisation opportunity. When the company was launched in 2013, it committed to offer shareholders the opportunity to elect to realise all or a part of their shareholding on or prior to the fourth anniversary of its admission to AIM and every two years thereafter. The first realisation opportunity was in March 2017 and its second and third realisation opportunities in March 2019 and March 2021, respectively.
The circular has been posted to shareholders today and a copy is available on the company’s website: www.weisskoreaopportunityfund.com.
In addition, Weiss Korea intends to declare an interim dividend to all shareholders in advance of this process.
All of the directors and personnel associated with the investment manager (who collectively own 12.9% of the company’s issued share capital), intend to continue their investment in the company and do not intend to participate in the realisation opportunity.
Key dates are as follows:
- Record date 6pm 17 March
- Election forms must be submitted by 1pm on 5 May
- Dividend goes ex-dividend on 9 May
- Results of elections announced 12 May
Shares that are elected to be realised will be redesignated as realisation shares. Then the realisation pool that these relate to will be turned into cash and, when that process is complete, a payment will be made to realisation shareholders.
[At the moment, Weiss Korea’s shares are trading at a premium – so you might get more for your holding by selling it in the market rather than electing for the realisation opportunity. The NAV is down over the past 12 months (-3.3%) but that reflects a very difficult time for markets – the Vietnamese funds that sit alongside Weiss Korea in the country specialist segment are down between 17% and 28% over the same period, and – after a big rally post the relaxation of COVID restrictions – the Chinese funds range from -4% to +5%. More relevantly, Weiss Korea has trounced its own benchmark since inception, returning +127% to MSCI Korea 25/50’s +58%. We doubt that there will be much appetite for realisation.]
WKOF : Weiss Korea gives details of latest realisation opportunity