7 July 2022
Africa Opportunity Fund Limited
Completion of Mandatory Redemption
PDMR Dealings
The Board of Directors of Africa Opportunity Fund Limited ("AOF" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's Ordinary Shares announced on 28 June 2022 has been completed with the redemption of 4,573,168 Ordinary Shares ("Mandatory Redemption").
On 6 July 2022, AOF redeemed 4,573,168 Ordinary Shares, on a pro rata basis, at the prevailing NAV per Ordinary Share of $0.984 as at 31 May 2022. Such shares were cancelled automatically following their redemption.
Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.
Payments of redemption proceeds are expected to be effected either through Euroclear or Clearstream (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 13 July 2022. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 13 July 2022.
Following the Mandatory Redemption, the Company has 20,214,590 Ordinary Shares in issue.
The Ordinary Shares were disabled on the record date (6 July 2022) and the ISIN number KYG012921469 (the "Old ISIN") has expired. The new ISIN number KYG012922038 (the "New ISIN") in respect of the remaining 20,214,590 Ordinary Shares which have not been redeemed will be enabled and will be available for transactions on 7 July 2022.
DIRECTOR'S INTERESTS
As of 6 July 2022, Robert Knapp and Myma Belo-Osagie, Directors of the Company, owned 4,001,616 and 33,117 Ordinary Shares, respectively. As a result of the Mandatory Redemption described above, Robert Knapp and Myma Belo-Osagie now hold 3,263,346 and 27,008 Ordinary Shares, respectively.
The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019, are appended below.
* * *
For more information please contact:
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Liberum (Corporate Broker) Tel: +44 20 3100 2000
Darren Vickers
Owen Matthews
For more information about AOF, see www.africaopportunityfund.com
LEI: 213800R1UVN1T8YXS179
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Robert Knapp | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Non-executive Director | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Africa Opportunity Fund Limited | ||||
| b) | LEI | 213800R1UVN1T8YXS179 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of $0.01 each ("Ordinary Shares")
| ||||
| b)
| Nature of the transaction | Mandatory Redemption of Ordinary Shares | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A - Single Transaction | ||||
| e) | Date of the transaction | 07/07/2022 | ||||
| f)
| Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Myma Belo-Osagie | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Non-executive Director | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Africa Opportunity Fund Limited | ||||
| b) | LEI | 213800R1UVN1T8YXS179 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of $0.01 each ("Ordinary Shares")
| ||||
| b)
| Nature of the transaction | Mandatory Redemption of Ordinary Shares | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/A - Single Transaction | ||||
| e) | Date of the transaction | 07/07/2022 | ||||
| f)
| Place of the transaction | London Stock Exchange | ||||
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