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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adv. Front. Npv | LSE:AFMF | 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% | 53.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFMF
RNS Number : 6854Q
Advance Frontier Markets Fund Ltd
01 March 2016
Advance Frontier Markets Fund Limited (the "Company")
1 March 2016
Recommended Proposal for Change of Name to Aberdeen Frontier Markets Investment Company Limited
Update on a Simplification of the Company's listing structure
Notice of Extraordinary General Meeting
The Company announces that an Extraordinary General Meeting ("EGM") will be held at 2.30 p.m. on Thursday, 14 April 2016 at 11 New Street, St. Peter Port, Guernsey GY1 2PF. The Notice of EGM has been posted to shareholders and a copy can be found at the Company's website www.frontiermarketsfund.com/.
The Board is seeking Shareholder approval, in accordance with the requirement set out in the Companies Law, to change the name of the Company to Aberdeen Frontier Markets Investment Company Limited. Accordingly, an extraordinary general meeting of the Company is being convened on Thursday 14 April 2016 at which Shareholders will be asked to consider and, if thought fit, approve the change of the Company's name.
In addition, the Board intends to make an application to the Channel Islands Securities Exchange Authority Limited for the cancellation of the listing of the Company's ordinary shares on the Official List of the CISEA.
REASON FOR THE CHANGE OF NAME
The Board's decision to seek to change the Company's name to "Aberdeen Frontier Markets Investment Company Limited" follows the acquisition, by Aberdeen Asset Management PLC, of the Company's manager, Advance Emerging Capital Limited (now Aberdeen Emerging Capital Limited) in December 2015. The Board considers that this separation from the 'Advance' name and the proposed change to a name associated with Aberdeen will allow the Company to benefit both from the rebranding of the Manager and from Aberdeen's reputation for the management of emerging and frontier markets investments and of listed investment companies. The Board believes that being part of a larger family of investment companies and reinforcing the benefits of the recent change in Manager will enhance opportunities for promotion of the Company with the ambition for improved liquidity and enhancement of the value and rating of the Company's shares over the longer term.
EFFECTS OF THE CHANGE OF COMPANY NAME
The change of Company name will not affect any of the rights of the Shareholders. All existing share certificates of the Company in issue bearing the existing name of the Company will, after the change becoming effective, continue to be evidence of title to the Shares. As soon as the change has become effective, any new issue of shares certificates of the Company will be issued in the new name of the Company.
In order to better reflect the Change in Name, it is also proposed that the Company's ticker be changed to AFMC. This will be effective as soon as practically possible after the Change of Name has been implemented. For the avoidance of doubt, the Company's website will remain www.frontiermarketsfund.com
BACKGROUND TO AND REASONS FOR THE DELISTING FROM THE CISEA
The Board has decided that the Company no longer requires that the Shares are admitted to listing on the CISEA for the following key reasons:
-- Changes in the UK ISA rules: under previous UK legislation, shares which were admitted to trading on AIM were not eligible to be held in a UK ISA whereas shares listed on the CISEA were ISA eligible. However, in 2013 the UK government revised the ISA rules so that this restriction is no longer in place and shares which are admitted to trading on AIM will satisfy the relevant ISA requirements. Therefore, since the Shares are admitted to trading on AIM, the Company no longer requires a dual CISEA listing to satisfy the UK ISA rules;
-- Reduction in costs: the Delisting will reduce the Company's costs going forward as it will no longer need to incur the administrative and compliance costs in connection with the maintenance of its CISEA listing; and
-- Simplification: the Directors would like to simplify the Company's listing structure by having the Shares admitted to trading only on AIM.
Enquiries:
Aberdeen Emerging Capital Limited (investment manager to Advance Frontier Markets Fund Limited)
Andrew Lister / Bernard Moody Tel: +44 (0)20 7618 1440
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
This information is provided by RNS
The company news service from the London Stock Exchange
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March 01, 2016 11:15 ET (16:15 GMT)
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