12 March 2009
PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC
("PME" or the "Company") (AIM: PMEA.L; PMEW.L)
Buy-back of shares
PME African Infrastructure Opportunities plc, an investment company established to invest in sub-Saharan African infrastructure and infrastructure related industries, announces that on 11 March 2009 it purchased 250,000 ordinary shares of USD0.01 each in the Company ("Shares") at a price of USD 0.49 per Share and a further 21,399,153 Shares at a price of USD 0.50 per Share.
Of these Shares purchased, 18,800,000 Shares a were purchased from, the Board understands, QVT Financial LP as investment manager for QVT Fund LP and Quintessence Fund LP (together "QVT") at a price of USD 0.50 per Share. Such consideration has been satisfied in cash. Following the transaction, QVT will remain a substantial shareholder in the Company.
The purchase of Shares from QVT is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of PME consider, having consulted with its nominated adviser, Smith & Williamson Corporate Finance Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
All the Shares purchased by the Company will be cancelled and as a result the total number of Shares in issue will be 153,524,752.
For further information on the Company, please refer to the website at www.pmeinfrastructure.com.
Further enquiries:
Smith & Williamson
Corporate Finance Limited
|
Dr Azhic Basirov
Siobhan Sergeant
|
+44 20 7131 4000
|
|
|
|
Fairfax I.S. PLC
|
James King
|
+44 20 7598 5368
|
|
|
|
Bell Pottinger
|
Dan de Belder
|
+44 20 7861 3232
|
|
|
|
On behalf of
|
|
|
Helvetica (Isle of Man)
|
Clara Parisot
|
+41 798 249 788
|
Company Limited
|
|
|
Note to Editors:
-
|
PME African Infrastructure Opportunities plc ('PME') is a company investing in sub-Saharan African infrastructure and infrastructure related industries. Its shares were admitted to AIM in July 2007 raising US$180 million.
|
|
|
-
|
PME was established to invest in sub-Saharan African infrastructure and infrastructure related industries with a view to generating attractive returns, principally through capital growth. It is targeting opportunities arising from years of under investment in sub-Saharan African infrastructure where that infrastructure will be instrumental in allowing the continent's economic development to continue to grow.
|
|
|
-
|
The Investment Manager is PME Infrastructure Managers Limited ('PMEIM'). The Investment Manager is responsible for identifying new investment opportunities.
|
|
|
-
|
PMEIM is a joint venture between Principle Capital Holdings S.A. (AIM: PCX.L), Unicos Partners LLP (holding company of the Helvetica Group of companies), Masazane Capital (Pty) Limited and the interests of Richard Bouma, CEO of PMEIM.
|