1 March 2018
UTILICO EMERGING MARKETS LIMITED (the "Company")
(LEI Number: 213800UYZLSYB84N2H09)
Result of Final Exercise of Subscription Shares
On 3 September 2015 the Company undertook a bonus issue of subscription shares of 0.005 pence each (the "Subscription Shares") on the basis of one Subscription Share for every five ordinary shares. The Subscription Shares confer the right to subscribe for one ordinary share, at a fixed price of 183 pence on the last business day of February and August up to and including February 2018. The final period during which holders of Subscription Shares were entitled to exercise their rights ended on 28 February 2018 (the "Final Subscription Date").
The Company announces that it has received applications from holders of Subscription Shares to exercise the rights attaching to their shares and to subscribe for 20,456,514 ordinary shares of 10 pence each in the capital of the Company (the "Ordinary Shares").
As at the date hereof 8,408,951 Subscription Shares remain outstanding and have not had their rights exercised. In accordance with the terms and conditions on which the Subscription Shares were issued (as set out in the prospectus published by the Company on 3 September 2015) the Company has appointed a trustee over the outstanding Subscription Shares. In accordance with the terms of the Subscription Shares, provided that in the trustee's opinion the net proceeds of sale (after the deduction of all costs and expenses incurred) will exceed the costs of subscription, the trustee shall exercise all (or a proportion as it may in its absolute discretion determine) of the Subscription Shares which have not been exercised and sell in the market the Ordinary Shares for the benefit of the holders thereof. The trustee will then distribute the net proceeds pro rata to such holders, except that entitlements amounting to less than £5.00 per shareholder shall be retained for the benefit of the Company. All rights attaching to the Subscription Shares which are not exercised by the trustee by 14 March 2018 shall lapse on that date.
The trustee will take advice from the Company's broker, Stockdale Securities Limited, as to whether or not to exercise the Subscription Shares. Stockdale will be making enquiries to determine whether there is the required appetite from investors. Following the receipt of feedback from Stockdale, should the trustee decide to exercise the Subscription Shares, it will then instruct Stockdale to sell such shares in the market. A further announcement will be made in respect of the trustee's decision in due course.
Applications will be made to the UK Listing Authority and the London Stock Exchange for any Ordinary Shares arising from the exercise of the Subscription Shares referred to above to be admitted to the premium segment of the Official List and to trading on the main market of the London Stock Exchange. A further announcement will be made in due course confirming the expected date of admission and the resultant issued share capital of the Company.
Name of contact and telephone number for enquiries:
ICM Limited 01372 271486
Charles Jillings/Alastair Moreton
Stockdale Securities Limited
Matthew Kinkead, Investment Fund Sales 020 7601 6626