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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aberdeen Frontier Markets Investment Company Limited | LSE:AFMC | London | Ordinary Share | GG00B1W59J17 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 41.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFMC
RNS Number : 0730N
Aberdeen Frontier Mkts Inv Co Ltd
03 May 2018
TR-1: Standard form for notification of major holdings
LEI: 213800X9N731I4IPK361
Aberdeen Frontier Markets Investment Company Limited (the "Company") notes the following notification of major holdings by City of London Investment Management Company Limited ("City of London"). Under Rule 9 of the City Code on Takeovers and Mergers (the "Code"), any person who acquires, whether by a series of transactions over a period of time or not, an interest (as defined in the Code) in shares which (taken together with shares in which he is already interested and in which persons acting in concert with him are interested) carry 30 per cent. or more of the voting rights of a company which is subject to the Code, is normally required to make a general offer to all the remaining shareholders to acquire their shares. Similarly, when any person, together with persons acting in concert with him, is interested in shares which in aggregate carry not less than 30 per cent. of the voting rights of such a company but does not hold shares carrying more than 50 per cent. of such voting rights, a general offer will normally be required if a further interest in shares is acquired by any such person or any person acting in concert with him.
Under Rule 37 of the Code, when a company redeems or purchases its own voting shares, any resulting increase in the percentage of shares carrying voting rights in which a person or group of persons acting in concert is interested will be treated as an acquisition for the purpose of Rule 9 of the Code. However, note 1 of Rule 37.1 of the Code states that a person who comes to exceed the limits in Rule 9.1 of the Code in consequence of a company's redemption or purchase of its own shares will not normally incur an obligation to make a mandatory offer unless that person is a director, or is presumed to be acting in concert with any of the directors.
The Takeover Panel must be consulted in advance of any case where Rule 9 of the Code might be relevant. Under note 4 to Rule 37.1 of the Code, the Company has consulted with the Panel in relation to the recent share buy-back activity of the Company. The Panel has confirmed on an ex parte basis to the Company that, provided City of London is not acting in concert with the Company or any of its directors such that they be treated as an "innocent bystander" in relation to any increase in its holding in the Company as a result of an on market share buy-back, the Panel will not require City of London nor any person deemed to be acting in concert with it to make a mandatory offer under Rule 9 of the Code on the grounds that its interest in the share capital of the Company has increased as a result of the purchases by the Company of its own shares pursuant to an existing share buy-back authority.
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)(i) ---------------------------------------------------------------------------------------------------- 1a. Identity of the issuer Aberdeen Frontier Markets or the underlying issuer Investment Co Ltd of existing shares to which voting rights are attached(ii) : ------------------------------------------------ -------------------------------------------------- 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) ---------------------------------------------------------------------------------------------------- Non-UK issuer X ------------------------------------------------------------------------------------- ------------- 2. Reason for the notification (please mark the appropriate box or boxes with an "X") ---------------------------------------------------------------------------------------------------- An acquisition or disposal of voting rights ------------------------------------------------------------------------------------- ------------- An acquisition or disposal of financial instruments ------------------------------------------------------------------------------------- ------------- An event changing the breakdown of voting rights ------------------------------------------------------------------------------------- ------------- Other (please specify)(iii) : Following notification X of the Aberdeen Frontier Markets Investment Co Ltd share buyback results on May 1(st) 2018, this disclosure reflects the reduction in the total number of shares in issue, following the company's repurchase of 25,000 shares. ------------------------------------------------------------------------------------- ------------- 3. Details of person subject to the notification obligation(iv) Name City of London Investment Management Company Limited City and country of registered London, UK office (if applicable) 4. Full name of shareholder(s) (if different from 3.)(v) ---------------------------------------------------------------------------------------------------- Name ------------------------------------------------ -------------------------------------------------- City and country of registered office (if applicable) ------------------------------------------------ -------------------------------------------------- 5. Date on which the threshold 01/05/2018 was crossed or reached(vi) : ------------------------------------------------ -------------------------------------------------- 6. Date on which issuer notified 03/05/2018 (DD/MM/YYYY): ------------------------------------------------ -------------------------------------------------- 7. Total positions of person(s) subject to the notification obligation ---------------------------------------------------------------------------------------------------- % of voting % of voting Total of Total number rights attached rights through both in % of voting to shares financial (8.A + 8.B) rights of (total of instruments issuer(vii) 8. A) (total of 8.B 1 + 8.B 2) ---------------------- ------------------------ ---------------- ----------------- ------------- Resulting situation on the date on which threshold was crossed or reached 30.0% 0% 30.0% 85,087,608 ---------------------- ------------------------ ---------------- ----------------- ------------- Position of previous notification (if applicable) 29.2% 0% 29.2% ---------------------- ------------------------ ---------------- ----------------- ------------- 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached(viii) -------------------------------------------------------------------------------------------------------------- A: Voting rights attached to shares -------------------------------------------------------------------------------------------------------------- Class/type Number of voting rights(ix) % of voting rights of shares ISIN code (if possible) ---------------------- Direct Indirect Direct Indirect (Art 9 of (Art 10 of (Art 9 of (Art 10 of Directive Directive Directive Directive 2004/109/EC) 2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1) --------------------- --------------------- -------------- ------------------------------ --------------- GG00B1W59J17 0 25,535,908 0% 30.0% ---------------------- --------------------- -------------- ------------------------------ --------------- SUBTOTAL 8. A 25,535,908 30.0% ---------------------- ------------------------------------- ----------------------------------------------- B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) -------------------------------------------------------------------------------------------------------------- Type of financial Expiration Exercise/ Number of voting % of voting instrument date(x) Conversion rights that rights Period(xi) may be acquired if the instrument is exercised/converted. ---------------------- --------------------- -------------- ------------------------------ --------------- SUBTOTAL 8. B 1
-------------- ------------------------------ --------------- B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) -------------------------------------------------------------------------------------------------------------- Type of Expiration Exercise/ Physical Number % of voting financial date(x) Conversion or cash of voting rights instrument Period settlement(xii) rights (xi) --------------------- ---------------------- -------------- ----------------- ----------- --------------- SUBTOTAL 8.B.2 ----------------- ----------- --------------- 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer(xiii) Full chain of controlled undertakings through which X the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity(xiv) (please add additional rows as necessary) ---------------------------------------------------------------------- --------------------- Name(xv) % of voting % of voting Total of both rights if it rights through if it equals equals or is financial instruments or is higher higher than if it equals than the notifiable the notifiable or is higher threshold threshold than the notifiable threshold ------------------------ ---------------- -------------------------- --------------------- City of London Investment Management Company Limited is a wholly owned subsidiary of City of London Investment Group plc and is the only entity subject to the notification obligations. 30.0% 0% 30.0% ------------------------ ---------------- -------------------------- --------------------- 10. In case of proxy voting, please identify: --------------------------------------------------------------------------------------------- Name of the proxy holder City of London Investment Management Company Limited ------------------------------------------ ------------------------------------------------- The number and % of voting rights held ------------------------------------------ ------------------------------------------------- The date until which the voting rights will be held ------------------------------------------ ------------------------------------------------- 11. Additional information(xvi) --------------------------------------------------------------------------------------------- All voting rights on all shares are controlled by City of London Investment Management Company Limited. --------------------------------------------------------------------------------------------- Place of completion London, UK -------------------- ----------- Date of completion 03/05/2018 -------------------- -----------
Enquiries:
Aberdeen Fund Managers Limited (Investment Manager to Aberdeen Frontier Markets Investment Company Limited)
William Hemmings / Gary Jones Tel: +44 (0)20 7463 6000
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett Tel: +44 (0)20 7383 5100
Numis Securities Limited (Nominated Broker)
David Benda Tel: +44 (0) 20 7260 1275
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
HOLUOOSRWRAVRAR
(END) Dow Jones Newswires
May 03, 2018 10:33 ET (14:33 GMT)
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