PME African Infrastructure Opps PLC Update: C30 Locomotive Put Option (1546P)
November 15 2016 - 01:01AM
UK Regulatory
TIDMPMEA
RNS Number : 1546P
PME African Infrastructure Opps PLC
15 November 2016
15 November 2016
PME African Infrastructure Opportunities plc
("PME", the "Company" and together with its subsidiaries the
"Group")
(AIM: PMEA.L)
Update: C30 Locomotive Put Option
PME African Infrastructure Opportunities plc is an investment
company, established to invest in sub-Saharan African
infrastructure and infrastructure related industries. In 2012 the
Company adopted a revised investing policy, pursuant to which the
Company has sought to realise its remaining assets and return the
capital to shareholders. Since 2012, the Company has disposed of
the majority of its assets and held three tender offers, returning
a total of US$26.8 million to shareholders. The Company's remaining
assets consist of two assets, namely three C30 locomotives and a
building in Dar-es-Salaam, Tanzania.
Following the sale of its rail assets in April 2015, the
Company, via a wholly owned subsidiary, has a put option to require
Sheltam (Mauritius) Limited ("Sheltam") to purchase any one or more
of the three C30 locomotives still owned by the Group for
US$1,416,666 per locomotive (the "Option"). The Option is
exercisable at any point during a 90 day period commencing on 6
November 2016 (the "Option Period") and has therefore
commenced.
In accordance with its current investing policy, the Company
intends to exercise the Option in respect of all three C30
locomotives prior to the expiry of the Option Period and has
communicated this intention to Sheltam. At this point the precise
timing of the Group's exercise of the Option, and hence the receipt
of funds from Sheltam, has not yet been determined. The Company
will update shareholders further in due course.
For further information please contact:
Smith & Williamson Corporate
Finance Limited
Nominated Adviser
Azhic Basirov / Ben Jeynes +44 20 7131 4000
Stifel Nicolaus Europe Limited
Broker
Neil Winward / Tom Yeadon +44 20 7710 7600
This information is provided by RNS
The company news service from the London Stock Exchange
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