RNS Number : 3924T
PME African Infrastructure Opps PLC
27 September 2010
 



27 September 2010

 

PME AFRICAN INFRASTRUCTURE OPPORTUNITIES PLC

("PME" or the "Company) (AIM: PMEA.L;PMEW.L)

 

 

Warrant price adjustment

 

 

PME African Infrastructure Opportunities plc, an investment company established to invest in sub-Saharan African infrastructure and infrastructure related industries, announces that further to the declaration on 10 September 2010 of a dividend of 10 cents per ordinary share to be paid to the shareholders of PME, an opinion in respect of the adjustment of the rights of holders of warrants ("Warrant Holders") to subscribe for ordinary shares in the Company ("Ordinary Shares"), has been received from the Company's auditors PricewaterhouseCoopers, Isle of Man (the "Auditors").

 

In accordance with the terms of the warrant instrument dated 6 July 2007, the adjusted subscription price per warrant, which has been confirmed as fair and reasonable by the Auditors is $1.00, effective from 11.59pm on 21 September 2010 ("Record Date").  This represents a reduction of $0.21 from the subscription price in force immediately prior to the capital distribution of $1.21.

 

In addition, at the same time as the adjustment takes effect, additional warrants will be issued to each Warrant Holder. The number of additional warrants to which a Warrant Holder will be entitled shall be the number of existing warrants held by him multiplied by the following fraction

 

                                      X - Y

                                          Y

 

Where:

 

X  = the subscription price immediately before the adjustment

Y =  the subscription price immediately after the adjustment

 

On the basis of the above, Warrant Holders will be entitled to approximately 0.21 warrants for every existing warrant held. No fractions of warrants will be issued and the total number of additional warrants to be issued is 7,829,424.

 

Application will be made for these warrants to be admitted to trading on AIM on 20 October 2010 ("Ex Date").

 

All warrant holders will either receive a warrant certificate despatched on or before 20 October 2010 if a certified holder, or a credit to the CREST account of the warrantholder holding warrants in uncertificated form will be made for value on 20 October 2010.

 

For further information on the Company, please refer to the website at www.pmeinfrastructure.com.

 

Further enquiries:

 

PME Infrastructure Managers Limited

 

Brian Smith

+27 11 560 8658

Smith & Williamson Corporate Finance Limited

 

Azhic Basirov / Siobhan Sergeant

+44 20 7131 4000

Fairfax I.S. PLC

 

James King / Gillian McCarthy

+44 20 7598 5368

College Hill

 

Mike Davies/ Peter Pantlin

+44 20 7457 2051

On behalf of

Helvetica (Isle of Man) Company Limited

 

Clara Parisot

+41 798 249 788

Principle Capital

James Peggie

+44 20 7839 5169

 

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 Masazane Capital (Pty) Limited, Principle Capital Holdings S.A., Unicos Partners LLP (holding company of the Helvetica Group of companies), and the interests of Richard Bouma.

 

 


This information is provided by RNS
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