Africa Opportunity Fund Limited Completion of Mandatory Redemption (3610G)

TIDMAOF

RNS Number : 3610G

Africa Opportunity Fund Limited

17 March 2020

17 March 2020

Africa Opportunity Fund Limited

Completion of Mandatory Redemption

PDMR Dealings

The Board of Directors of Africa Opportunity Fund Limited ("AOF" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's Ordinary Shares announced on 10 March 2020 has been completed with the redemption of 30,278,230 Ordinary Shares ("Mandatory Redemption").

On 16 March 2020 , AOF redeemed 30,278,230 Ordinary Shares, on a pro rata basis, at the prevailing NAV per Ordinary Share of $ 0.611 as at 29 February 2020 . Such shares were cancelled automatically following their redemption.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.

Payments of redemption proceeds are expected to be effected either through Euroclear or Clearstream (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 25 March 2 020 . Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 25 March 2020.

Following the Mandatory Redemption, the Company has 44,571,376 Ordinary Shares in issue.

The Ordinary Shares were disabled on the record date ( 16 March 2020 ) and the ISIN number KYG012921048 (the "Old ISIN") has expired. The new ISIN number KYG012921204 (the "New ISIN") in respect of the remaining 44,571,376 Ordinary Shares which have not been redeemed will be enabled and will be available for transactions on 17 March 2020 .

DIRECTOR'S INTERESTS

As of 16 March 2020, Robert Knapp and Myma Belo-Osagie, Directors of the Company, owned 12,083,358 and 100,000 Ordinary Shares, respectively. As a result of the Mandatory Redemption described above, Robert Knapp and Myma Belo-Osagie now hold 7,195,387 and 59,548 Ordinary Shares, respectively.

The FCA notifications, made in accordance with the requirements of the EU Market Abuse Regulation, are appended below.

   *              *              * 

For more information please contact:

Africa Opportunity Fund Limited

   Francis Daniels                                                          Tel: [phone] 
   Liberum (Corporate Broker)                                    Tel: [phone] 

Gillian Martin

Owen Matthews

For more information about AOF, see www.africaopportunityfund.com

LEI: 213800R1UVN1T8YXS179

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                   Robert Knapp 
     ---------------------  -------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------- 
 a)   Position/status        Non-executive Director 
     ---------------------  -------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  -------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------- 
 a)   Name                   Africa Opportunities Fund Limited 
     ---------------------  -------------------------------------------------- 
 b)   LEI                    213800R1UVN1T8YXS179 
     ---------------------  -------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------- 
 a)   Description            Ordinary shares of $0.01 each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument     ISIN number KYG012921204 
       Identification 
       code 
     ---------------------  -------------------------------------------------- 
 b)   Nature of              Mandatory Redemption of Ordinary Shares 
       the transaction 
     ---------------------  -------------------------------------------------- 
 c)   Price(s)                Price(s)   Volume(s) 
       and volume(s)           $0.611     4,887,971 
                                         ---------- 
     ---------------------  -------------------------------------------------- 
 d)   Aggregated             N/A - Single Transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     ---------------------  -------------------------------------------------- 
 e)   Date of the            17/03/2020 
       transaction 
     ---------------------  -------------------------------------------------- 
 f)   Place of               London Stock Exchange 
       the transaction 
     ---------------------  -------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                   Myma Belo-Osagie 
     ---------------------  -------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------- 
 a)   Position/status        Non-executive Director 
     ---------------------  -------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  -------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------- 
 a)   Name                   Africa Opportunities Fund Limited 
     ---------------------  -------------------------------------------------- 
 b)   LEI                    213800R1UVN1T8YXS179 
     ---------------------  -------------------------------------------------- 
 4    Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------- 
 a)   Description            Ordinary shares of $0.01 each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument     ISIN number KYG012921204 
       Identification 
       code 
     ---------------------  -------------------------------------------------- 
 b)   Nature of              Mandatory Redemption of Ordinary Shares 
       the transaction 
     ---------------------  -------------------------------------------------- 
 c)   Price(s)                Price(s)   Volume(s) 
       and volume(s)           $0.611     40,452 
                                         ---------- 
     ---------------------  -------------------------------------------------- 
 d)   Aggregated             N/A - Single Transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     ---------------------  -------------------------------------------------- 
 e)   Date of the            17/03/2020 
       transaction 
     ---------------------  -------------------------------------------------- 
 f)   Place of               London Stock Exchange 
       the transaction 
     ---------------------  -------------------------------------------------- 
 

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March 17, 2020 03:00 ET (07:00 GMT)