Myanmar Investments Intl Ltd Extension of warrant exercise window (6349I)

TIDMMIL

RNS Number : 6349I

Myanmar Investments Intl Ltd

22 March 2018

22 March 2018

Myanmar Investments International Limited

Extension of warrant exercise window

Myanmar Investments International Limited [AIM: MIL] ("MIL" or the "Company"), the Myanmar focused investment company, today announces that due to the recent developments in relation to Beaufort Securities Limited ("Beaufort") it will adjust the window for the exercise of its warrants from 1 to 23 April 2018 to 1 to 21 June 2018, the latter being the 15 business days prior to the expiry of the warrants.

The Company is aware that a number of its warrantholders hold their warrants through Beaufort, which has recently been placed into administration. Whilst the Board has been advised that the MIL warrants held through Beaufort are ringfenced from Beaufort's assets, the Administrator has not yet allowed the warrants to be released and therefore some warrantholders might not be able to exercise their warrants during the existing exercise window.

The Company has 15,346,507 warrants that are exerciseable into the Company's ordinary shares at a subscription price of US$0.75. The warrants are due to expire on 21 June 2018 but pursuant to the terms of the warrant instrument under which the warrants were constituted the final window for exercising the warrants actually expires on 23 April 2018.

In the circumstances the Directors have decided to move the warrant exercise window for all warrantholders until closer to the expiry date for the warrants. Therefore there will be no exercise window in April but rather the final warrant exercise window will run from 1 June 2018 until 21 June 2018 by which time it is expected that the situation at Beaufort will have been resolved. If the warrants held through Beaufort have not been released by that date, the Directors will consider further action to be taken by the Company.

- Ends -

For further information please contact:

 
Aung Htun                           Michael Dean 
 Managing Director                   Finance Director 
 Myanmar Investments International   Myanmar Investments International 
 Ltd                                 Ltd 
 [phone]                   [phone] 
 [phone]                [phone] 
 [e-mail]     [e-mail] 
 
  Nominated Adviser                   Broker 
  Philip Secrett / Jamie              Andrew Pinder / David 
  Barklem                             Herring 
  Grant Thornton UK LLP               Alistair Roberts (Hong 
  [phone]                Kong) 
                                      Investec Bank plc 
                                      [phone] 
 

Notes to Editors:

Myanmar Investments International Limited (AIM: MIL) was the first Myanmar-focused investment company to be admitted to trading on the AIM market of the London Stock Exchange. MIL was established in 2013 with the intention of building long term shareholder value by proactively investing in a diversified portfolio of Myanmar businesses that will benefit from the country's re-emergence and ongoing economic development. The Company is led by an experienced and entrepreneurial team who between them have considerable industrial, corporate and financial management experience.

MIL aims to identify investments with strong growth which if necessary can be "de-risked" through the introduction of experienced senior line-management, mentors and / or strategic partners sourced by MIL's management board. The Company's main focus is on opportunities that are experiencing acute supply and demand imbalances, such as within the consumer and capacity-constrained sectors.

With its strong proprietary investment pipeline of deals, MIL provides investors with a highly disciplined and conservative investment process into one of the most promising growth opportunities of this era.

MIL's largest investment (US$21 million cost for a 9.3% shareholding) is in Apollo Towers, one of Myanmar's top telecom towers companies with 1,800 towers. Apollo operates in the high growth telecom sector with a strong management that is growing the number of co-locations (i.e. multiple tenancies) on its portfolio of towers. In June 2016, the US Government's Overseas Private Investment Corporation ("OPIC") provided a US$250 million debt facility to Apollo Towers.

MIL's first investment in August 2014 was into Myanmar Finance International Limited ("MFIL") which today is one of the leading microfinance companies in Myanmar. Since MIL invested, MFIL's business has expanded rapidly. The business is profitable with zero NPLs and a sustainable expansion plan for long term growth. In November 2015, the Norwegian Government's Norwegian Investment Fund for Developing Countries ("Norfund"), the Norwegian development finance institution, also became a 25% shareholder in MFIL.

In May 2017 MIL announced it had established a pharmacy, healthcare and personal care product franchise joint venture. It is expected that the business will fill a vacuum in the present retail landscape and at the same time tap into the rapid growth of the middle and affluent classes in Myanmar. The two joint venture partners are: a) an experienced retail group that runs over 55 pharmacy, health and beauty outlets in a neighbouring Asian country; and b) an industry veteran with significant experience leading Asian-based retail concepts.

MIL's latest investment in October 2017 was into the tourism sector. Together with two leading Myanmar tourism entrepreneurs (the "Myanmar Partners") it has established Myanmar Voyages Group Company Limited ("Myanmar Voyages") to invest into tourism-related assets in Myanmar.

Myanmar, a country of approximately 51.4 million people and roughly the size of France, has been isolated for much of the last 50 years. Once it was one of the more prosperous countries in Southeast Asia as it has an abundance of natural resources (oil, natural gas, arable land, tourist attractions and a long coastline), it is now one of the least developed countries in the world.

The country has undergone an unprecedented and peaceful transformational reform process, initiated by U Thein Sein's Administration in 2011. This is now continuing under the elected civilian administration led by Daw Aung San Suu Kyi which came to power in April 2016 as a result of the first democratic elections in 50 years. While the process is still evolving, the new government has broad support and significant progress has been made to the economic prospects of the country.

In October 2016, the United States government lifted all remaining sanctions against Myanmar and re-admitted the country into its preferred tariff system.

For more information about MIL, please visit www.myanmarinvestments.com

This information is provided by RNS

The company news service from the London Stock Exchange

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March 22, 2018 08:45 ET (12:45 GMT)