Gulf Investment Fund continues to meet its minimum size condition after tender

Gulf Investment Fund (GIF) has announced the results of its tender offer, which closed on 11 April 2024. 1,157,160 shares were tendered, equal to 2.89% of its issued share capital meaning that, post the tender, GIF’s share capital will be 38,946,044 shares, which is above the minimum size condition of 38,000,000 shares set by its board.

GIF’s board has said that it will now, at its discretion, either (1) match buyers with shares tendered or (2) allocate the assets and liabilities of the company between the continuing pool and the tender pool on the calculation date. Following this, GIF’s investment adviser will sell the assets in the tender pool, as required. The company will continue to publish NAV announcements for the continuing pool only. GIF says that a further announcement will be made in due course.

Future tender offers

GIF’s board says that, in light of the ongoing Shareholder support for the Company and consistent with the proposals set out in the Circular and approved by Shareholders at the Annual General Meeting on 22 December 2023, it intends to implement the second 2024 Tender Offer in September 2024. Details of the tender offer process can be found in the Circular sent to shareholders dated 28 November 2023. You can read our latest note on GIF by clicking here.

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