Last checked at 20 Mar 2017 07:00
Weiss Korea Opportunity Fund - Realisation Opportunity and Publication of CircularWeiss Korea Opportunity Fund - Realisation Opportunity and Publication of Circular
PR Newswire
London, March 20
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA
Weiss Korea Opportunity Fund Ltd.("the Company")
Realisation Opportunity and Publication of Circular
When the Company was launched in 2013 it committed to offer Shareholders the opportunity to elect to realise all or a part of their shareholding on or prior to the fourth anniversary of the Company's admission to AIM and, unless it has already been determined that the Company will be wound-up, every two years thereafter. The Admission Document, published on 8 May 2013, stated that the Realisation Opportunity would be made available to Shareholders not less than 56 days before the fourth anniversary of the Company's admission to AIM.
The Company is pleased to announce that a circular (the “Circular”) containing the details of the Realisation Opportunity along with the relevant forms of election were posted to shareholders of the Company today. A copy of the Circular is available on the Company’s website: www.weisskoreaopportunityfund.com. In addition, the Company is pleased to announce that it intends to declare an interim dividend to all Shareholders as part of this process.
All of the Directors and personnel associated with the Investment Manager (who collectively own 10.05 per cent. of the Company’s issued share capital as at 17 March 2017 being the latest practicable date prior to the publication of the Circular) intend to continue their investment in the Company and do not intend to participate in the Realisation Opportunity in respect of all or any part of their respective shareholdings.
The expected timetable for the Realisation Opportunity is as follows (all dates are in 2017):
| Publication of the Circular | 20 March |
| Record date for Realisation Opportunity | 6.00 p.m. on 23 March |
| Election Period commences | 13 April |
| The Company’s interim dividend declaration date | 4 May |
| Latest time and date for receipt of Forms of Election and share certificates from Shareholders who hold their Ordinary Shares in certificated form | 1.00 p.m. on 8 May |
| Latest time and date for receipt of TTE Instructions from Shareholders who hold their Ordinary Shares in uncertificated form | 1.00 p.m. on 8 May |
| Record date for interim dividend | 12 May |
| Redesignation of participating Ordinary Shares as Realisation Shares | 15 May |
| Announcement of results of Realisation Opportunity | 15 May |
| Definitive share certificates representing Realisation Shares despatched by post | w/c 22 May |
Any changes to the expected timetable set out above will be notified by the Company through a Regulatory Information Services provider. All references to times in this document are to London times.
The Company confirms that it currently has no inside information.
Definitions
| “Admission Document” | the admission document of the Company for admission to AIM published on 8 May 2013; |
| “AIM” | the Alternative Investment Market of the London Stock Exchange plc; |
| “Director” or “Directors” | a director of the Company; |
| “Election Period” | the period beginning on 13 April 2017 and ending at 1.00 p.m. on 8 May 2017; |
| “Form of Election” | the form of election entitling holders of Ordinary Shares in certificated form to redesignate their Ordinary Shares into Realisation Shares; |
| “Investment Manager” | Weiss Asset Management LP; |
| “Ordinary Shares” | redeemable ordinary shares of no par value in the capital of the Company and, after the Realisation Date, such ordinary shares as are not redesignated as Realisation Shares; |
| “Realisation Date” | 15 May 2017; |
| “Realisation Opportunity” | the opportunity being given to shareholders to elect to realise all or a part of their shareholding in the Company on or prior to the Realisation Date, the details of which are set out in this document; |
| “Realisation Shares” | ordinary redeemable realisation shares of no par value each in the capital of the Company; and |
| “Shareholders” | holders of Ordinary Shares. |
For further information, please contact:
| N+1 Singer James Maxwell/Gillian Martin – Nominated Adviser James Waterlow – Sales | +44 20 7496 3000 |
| Northern Trust International Fund Administration Services (Guernsey) Limited Sam Walden | +44 1481 745 323 |
Website
www.weisskoreaopportunityfund.com
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