6th Mar 2014 13:25
LONDON (Alliance News) - Africa Opportunity Fund Ltd Thursday said it has decided to change its structure and management arrangements following the completion of its previously announced placing to raise USD100 million.
The investment company said that once the process is complete it will apply to amend its dividend policy to pay a dividend each year, equivalent to the company's income without reasonable expenses.
The company added that it will provide shareholders with an opportunity to realise all or part of their shareholding in the company for a net realised pro-rata share of the company's investment portfolio.
Under the placing, announced in January, the company proposed to raise the cash by way of a placing of C shares at a price of USD1 per share.
Africa Opportunity Fund shares were untraded at 1.2575 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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