Fidelity Asian Values Regulatory News (FAS)

Fidelity Asian Values Plc - Correction: Conversion of Rights Subscription Shares

PR Newswire

London, December 5

Fidelity Asian Values PLC

LEI: 54930094CXNYINSNOQ96

Correction: Conversion of rights attaching to Subscription Shares and Final Exercise Date

5 December 2019

The following amendment has been made to the announcement titled ‘Conversion of rights attaching to Subscription Shares and Final Exercise Date’ which was released on 2 December 2019 at 6.36 p.m.

The date on which all Subscription Rights conferred by the Subscription Shares will lapse with nil value, if the Trustee does not exercise the Subscription Rights conferred by the outstanding Subscription Shares, will be 13 December 2019.

All other details remain unchanged.

The corrected announcement is set out below.

Conversion of rights attaching to Subscription Shares and Final Exercise Date

Further to the announcement on 27 November 2019, Fidelity Asian Values PLC (the "Company") today announces that it has issued and allotted 3,081,455 ordinary shares of 25p each in the capital of the Company ("Ordinary Shares") today. Such issuance was made following the exercise of 3,081,455 subscription shares ("Subscription Shares"), each of which confers the right to subscribe for one Ordinary Share at a price of 392.75 pence (the "Subscription Price") per Subscription Share in the period to 29 November 2019 (the "Final Subscription Date").

Total Voting Rights

An application has been made to the Financial Conduct Authority for admission to the Official List, and to the London Stock Exchange for the admission to trading on the Main Market, of 3,081,455 Ordinary Shares, ranking pari passu with the Company’s existing Ordinary Shares. Admission is expected to take place on 6 December 2019.

Conditional on Admission, the Company's issued share capital will consist of 75,580,889 Ordinary Shares, with each share carrying the right to one vote, and 8,021,575 Subscription Shares. The Company holds no shares in Treasury.

Therefore, the total number of voting rights in the Company is 75,580,889.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Unexercised Subscription Share Rights

29 November 2019 was the final exercise date for the Subscription Shares. As at the close of business on the Final Exercise Date, 8,021,575 Subscription Shares remain unexercised. In accordance with the terms and conditions on which the Subscription Shares were issued (as set out in the prospectus published by the Company on 26 October 2016 (the "Prospectus")), the Company has appointed a final subscription trustee (the "Final Subscription Trustee"). If the Final Subscription Trustee determines that the net proceeds of sale after deduction of all costs and expenses incurred by, and any fee payable to, the Final Subscription Trustee will exceed the costs of exercising the Subscription Share Rights then the Final Subscription Trustee will exercise any (or such proportion as it may in its absolute discretion determine) unexercised Subscription Rights and sell the resulting Ordinary Shares. 

The Trustee will distribute pro rata the net proceeds of any such sale (after deduction of the costs and expenses) to holders of unexercised Subscription Rights by no later than 24 January 2020, save that, in accordance with the Prospectus, aggregate entitlements per holder of less than £5.00 shall be retained for the benefit of the Company.

If the Trustee does not exercise the Subscription Rights conferred by the outstanding Subscription Shares by 13 December 2019, all Subscription Rights conferred by the Subscription Shares will lapse with nil value.

The Trustee's decision in respect of the above is final and binding on all holders of outstanding Subscription Shares.

Capitalised terms shall have the meaning set out in the Prospectus unless otherwise defined.

Enquiries:

FIL Investments International

Natalia De Sousa +44 (0)1737 837846