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Aberdeen Frontier Markets repurchases nearly half of its circulating shares

By Josh White

Date: Thursday 16 Mar 2017

Aberdeen Frontier Markets repurchases nearly half of its circulating shares

(ShareCast News) - Aberdeen Frontier Markets updated the market on its tender offer on Thursday, having received valid tender acceptances of 97,307,392 ordinary shares on 14 March.
The AIM-traded company said Numis sold 13,750,000 of such tendered on-sale shares to incoming investors at the investment price of 72.5748p per share, and as a result the number of exit shares which had been repurchased for cancellation by the company was 83,557,392.

That represented 49.44% of the current ordinary shares in issue excluding shares in treasury.

Aberdeen Asset Management therefore now held 13,750,000 ordinary shares, representing 16.09% of the shares in issue after the tender and excluding shares in treasury.

"Tendering shareholders will receive the full tender price in cash for the exit shares - including the on-sale shares - only once all of the assets in the tender pool have been fully realised," the company's board said in a statement.

"However, if and when an interim distribution from the tender pool is made, the amount received by tendering shareholders will include an amount in respect of their pro rata proportion of any on-sale shares."

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