22 May 2018 07:00
This announcement contains inside information | 22 May 2018 |
Myanmar Investments International Limited
Results of General and Warrantholders Meetings
Myanmar Investments International Limited ("MIL" or the "Company"), the AIM-quoted Myanmar focused investment company, announces that at the meetings of Shareholders and Warrantholders held yesterday all of the resolutions were duly passed.
As a result the terms of the Company's existing Warrants will be amended as follows:
1) the Warrants can be exercised at US$0.75 on or before 21 June 2018, in line with their original terms; and
2) in relation to any Warrants that remain outstanding at 21 June 2018:
a) the exercise period for the Warrants will be automatically extended such that the Warrants can be exercised until 31 December 2021, but at a higher exercise price of US$0.90; and
b) in the extended period, Warrantholders will have the option to exercise their Warrants on a cashless basis in certain circumstances.
The Warrants continue to be tradable on AIM.
Further details of the proposed changes are set out in the Company's notice of General Meeting and notice of meeting of the Warrantholders which was issued on 30 April 2018 and is available on the Company's website at www. myanmarinvestments.com.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
Aung Htun Managing Director Myanmar Investments International Ltd +95 (0) 1 391 804 aunghtun@myanmarinvestments.com | Michael Dean Finance Director Myanmar Investments International Ltd +95 (0) 1 391 804 mikedean@myanmarinvestments.com |
Nominated Adviser Philip Secrett / Jamie Barklem Grant Thornton UK LLP +44 (0) 20 7383 5100 |
Broker William Marle / Giles Rolls finnCap Ltd +44 (0) 20 7220 0500 |
For more information about MIL, please visit www.myanmarinvestments.com
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.
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 investment for a 9.3 per cent. 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 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 a sustainable expansion plan for long term growth. In November 2015, the Norwegian Government's Norwegian Investment Fund for Developing Countries, the Norwegian development finance institution, also became a 25 per cent. shareholder in MFIL.
MIL's third investment in May 2017 was into Medicare International Health and Beauty Pte Ltd, ("Medicare"). This was a greenfield pharmacy, healthcare and personal care product retail franchise joint venture. The joint venture partners are: a) H&B Management Solutions Pte. Ltd., which owns Medicare Vietnam, one of the largest pharmacy, health, beauty and personal care retail group that runs over 70 outlets in Vietnam; and b) Randall Steve Guttery, an industry veteran with significant experience leading Asian-based retail concepts. It is expected that Medicare 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.
For more information about MIL, please visit www.myanmarinvestments.com