Ashmore Global Opportunities Ltd - Proposed de-listing of shares
PR Newswire
London, May 19
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Ashmore Global Opportunities Limited
(the "Company")
a Guernsey incorporated and registered limited liability closed-ended investment company with a Premium Listing of its US Dollar and Sterling share classes on the Official List.
LEI: 549300D6OJOCNPBJ0R33
Proposed de-listing of shares
19 May 2020
As a result of the managed wind-down of the Company, the Company's investment portfolio now comprises (a) a minority holding in AEI Inc. ("AEI"), held directly by the Company and (b) a number of smaller fund investments managed by the Company's investment manager, which include a further indirect interest in AEI.
In recent months, the Company's investment manager has had discussions with third parties regarding the realisation of its investment in AEI, with the objective of the directors being in a position to place the Company into liquidation following that sale. This outcome would also have resulted in the cancellation of the admission of the Company's shares to listing on the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, upon the commencement of the liquidation of the Company.
However, the COVID-19 pandemic has reduced the likelihood of AEI being sold on acceptable terms in the short to medium term. The directors continue to be of the opinion that it is in the best interests of the Company, and its shareholders, for the realisation of the investment in AEI to be achieved by the Company's investment manager, overseen by its directors, rather than by a liquidator. Accordingly, the directors do not consider that it is appropriate to formally wind up the Company at this time.
However, the delay in the realisation of AEI has caused the directors to assess whether it remains in the best interests of the Company, and its shareholders, for the listing of its shares to continue.
The considerable costs of maintaining the Company's listed company status are increasingly disproportionate to the value of the Company's portfolio, and there are identifiable cost savings that can be achieved by a cancellation of the listing.
Accordingly, the directors intend to shortly bring forward proposals to shareholders to delist from the public markets in the coming weeks. The Company's status as a Guernsey-regulated investment fund would continue notwithstanding such delisting and the Company's objective would remain the orderly disposal of AEI, as well as the remaining fund investments, as soon as sensible. Consideration will be given to appointing a liquidator, and the commencement of the formal winding up of the Company, following the disposal of AEI.
All Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: +44 (0) 1481 745001
