29 Jun 2017 11:29
29 June 2017
PME African Infrastructure Opportunities plc
("PME", the "Company" and together with its subsidiaries the "Group")
Completion of Put Option
PME African Infrastructure Opportunities plc is an investment company, established to invest in sub-Saharan African infrastructure and infrastructure related industries. In 2012 the Company adopted a revised investing policy, pursuant to which the Company has sought to realise its remaining assets and return capital to shareholders. Since 2012, the Company has disposed of the majority of its assets and carried out three tender offers, returning a total of US$26.8 million to shareholders. The Company's remaining assets, prior to the date of this announcement, comprised two types of assets, namely three C30 locomotives and a building in Dar-es-Salaam, Tanzania.
Following the sale of its rail assets in April 2015, the Company, via its wholly owned subsidiary PME Locomotives (Mauritius) Limited ("PME Locomotives"), had a put option to require Sheltam (Mauritius) Limited to purchase any one or more of the three C30 locomotives still owned by PME Locomotives for US$1,416,666 per locomotive (the "Option").
The Option was exercised by PME Locomotives on 2 February 2017.
Further to the Company's announcement of 12 June 2017, the Company is pleased to announce the completion and settlement of the Option and that the cash consideration of US$4.25 million, together with interest of US$163,000 (interest has accrued on the Option consideration at a rate of 10% per annum from and including 9 February 2017), has now been received by the Group.
In accordance with the Company's investing policy, the directors intend to return the net proceeds of the Option, after considering the Company's future working capital requirements, to shareholders. A further announcement in this regard will be made, as appropriate, in due course.
For further information please contact:
Smith & Williamson Corporate Finance Limited Nominated Adviser Azhic Basirov / Ben Jeynes
|
+44 20 7131 4000 |
Stifel Nicolaus Europe Limited Broker Neil Winward / Tom Yeadon
| +44 20 7710 7600 |
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.