10th Feb 2014 13:08
LONDON (Alliance News) - Africa Opportunity Fund Ltd Monday said it expects its shares to be moved to trading on the Specialist Fund Market from AIM before the end of March, as it seeks to raise USD100 million through a C share placing.
On January 16, the fund had said it was considering a capital raising.
However, C shares are not eligible for admission to AIM, so the fund has turned to the Specialist Fund Market.
"The directors currently intend to take the opportunity before Admission to propose, as an ordinary resolution, that the company continue in existence. If the continuation resolution is passed, a further continuation resolution will be put to shareholders at an extraordinary general meeting in 2019 and every five years thereafter," the company said in a statement.
"It is currently anticipated that, immediately following the continuation vote scheduled to be held in 2019, the company will provide shareholders with an opportunity to realise all or part of their shareholding in the company. This realisation opportunity would be conditional on completion of the placing and subject to shareholder approval," Africa Opportunity Fund added.
By Samuel Agini; [email protected]; @samuelagini
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