Weiss Korea Opp Results of Realisation Opportunity

 
TIDMWKOF 
 
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO THE 
UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH 
AFRICA OR TO U.S. PERSONS 
 
                       Weiss Korea Opportunity Fund Ltd. 
                       ("Weiss Korea" or "the Company") 
 
                      Results of Realisation Opportunity 
 
As described in the circular to Shareholders published on 20 March 2017, the 
Company made available a Realisation Opportunity enabling Shareholders to elect 
to realise all or a part of their shareholding on or prior to the fourth 
anniversary of the Company's admission to AIM. 
 
The Company today confirms that valid elections have been received from 
Shareholders totalling 8,044,769 Ordinary Shares, representing approximately 
8.6 per cent. of the Company's issued share capital, and such participating 
Ordinary Shares have been redesignated as Realisation Shares. 
 
None of the Directors and personnel associated with the Investment Manager 
elected to participate in the Realisation Opportunity in respect of all or any 
part of their respective shareholdings, and of the elections received in 
connection with the Realisation Opportunity, 86 per cent. was represented by a 
single shareholder. 
 
With effect from today, the Realisation Date, the Company's current portfolio 
has been divided into two pools: 
 
i)        The Continuation Pool; and 
 
ii)       The Realisation Pool. 
 
Each Pool will be accounted for as a separate sub-portfolio, with assets and 
liabilities comprised in the Company's current portfolio being apportioned to 
the Realisation Pool pro rata to the number of participating Ordinary Shares in 
respect of which Realisation Elections have been validly received.  Those 
assets in the current portfolio that are not divisible pro rata due to their 
nature have been apportioned between the Pools as the Board in its sole 
discretion deems fair and reasonable. 
 
The assets comprising the Realisation Pool will be managed by the Investment 
Manager as follows: 
 
a)   assets comprised in the Realisation Pool will be managed in accordance 
with an orderly realisation programme with the aim of making progressive 
returns of cash to holders of Realisation Shares; and 
 
b)   the Board may authorise the sale of assets to the Continuation Pool from 
the Realisation Pool in order to return cash to holders of Realisation Shares. 
 
The assets apportioned to the Continuation Pool will continue to be managed by 
the Investment Manager in accordance with the Company's investment policy. 
 
Further announcements in respect of the returns of cash to holders of 
Realisation Shares will be made as and when appropriate. In particular, and as 
set out in the circular to Shareholders, holders of Realisation Shares should 
note that it is difficult to estimate how long it will take to sell all of the 
assets comprising the Realisation Pool and distribute cash to Shareholders 
holding Realisation Shares.  The Realisation Shares will not be listed or 
admitted to AIM. 
 
Defined terms in this announcement shall have the same meaning as terms defined 
in the circular dated 20 March 2017. 
 
This announcement contains inside information. 
 
Norman Crighton, Chairman of Weiss Korea, commented: 
 
"The Board and the Investment Manager believe that the significant continuing 
interest is consistent with their thesis about the valuation of Korean 
preferred shares. As of 28 April 2017, the underlying portfolio had a weighted 
average discount to the corresponding common shares of 39% and a price to 
earnings ratio of only 8.3x, which the Board and Investment Manager believe 
offer continuing investors a compelling long-term investment opportunity.  In 
addition to the Realisation Opportunity, the Company has previously repurchased 
a cumulative 10.6% of the original shares outstanding as part of the Company's 
discount management and remains committed to the highest standards of corporate 
governance." 
 
For further information, please contact: 
 
N+1 Singer                             [phone] 
James Maxwell/ Gillian Martin - Nomad 
James Waterlow - Sales 
 
Northern Trust International Fund      [phone] 
Administration Services (Guernsey) 
Limited 
Sam Walden 
 
Website 
 
www.weisskoreaopportunityfund.com 
 
 
 
END 
 

(END) Dow Jones Newswires

May 15, 2017 02:00 ET (06:00 GMT)