NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA OR TO US PERSONS.
Weiss Korea Opportunity Fund Ltd.
(a closed-ended investment scheme incorporated with limited liability
under the laws of Guernsey with registered number 56535)
Results of Realisation Opportunity
As described in the circular to Shareholders published on 15 March 2021, the Company made available a Realisation Opportunity enabling Shareholders 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 had already been determined that the Company would be wound-up, every two years thereafter.
On 7 May 2021, the Election Period closed and the Company now confirms that valid elections were received from Shareholders totalling 11,710,750 Ordinary Shares, representing approximately 14.5 per cent. of the Company’s issued share capital. On 14 May 2021, such participating Ordinary Shares will be redesignated as Realisation Shares.
None of the Directors and personnel associated with the Investment Manager elected to participate in the Realisation Opportunity in respect of all, or any part of, their respective shareholdings.
With effect from 14 May 2021, the Realisation Date, the Company’s current portfolio will be divided into two pools:
i) The Continuation Pool; and
ii) The Realisation Pool.
Each Pool will be accounted for as a separate sub-portfolio, with the value of the assets and liabilities in the current portfolio being apportioned to the Realisation Pool pro rata to the number of Ordinary Shares in respect of which Realisation Elections have been validly received. The allocation of the assets and liabilities to be allocated to each pool will be determined by the Board in its sole discretion on a basis that it deems fair and reasonable and which it considers would be in the best interests of both the holders of Realisation Shares and the holders of Ordinary Shares.
The assets comprising the Realisation Pool will be managed by the Investment Manager as follows:
a) assets comprised in the Realisation Pool will be managed in accordance with an orderly realisation programme with the aim of making progressive returns of cash to holders of Realisation Shares; and
b) the Board may authorise the sale of assets to the Continuation Pool from the Realisation Pool in order to return cash to holders of Realisation Shares.
The assets apportioned to the Continuation Pool will continue to be managed by the Investment Manager in accordance with the Company’s investment policy.
Further announcements in respect of the returns of cash to holders of Realisation Shares will be made as and when appropriate. In particular, and as set out in the circular to Shareholders, holders of Realisation Shares should note that it is difficult to estimate how long it will take to sell all of the assets comprising the Realisation Pool and distribute cash to Shareholders holding Realisation Shares. The Realisation Shares will not be listed or admitted to AIM.
Defined terms in this announcement shall have the same meaning as terms defined in the circular dated 15 March 2021.
This announcement contains inside information.
For further information please contact:
+44 20 7496 3000
Northern Trust International Fund
+44 1481 745 385