PME African Infrastructure Opps PLC Completion of Put Option (5878J)
June 29 2017 - 5:29AM
UK Regulatory
TIDMPMEA
RNS Number : 5878J
PME African Infrastructure Opps PLC
29 June 2017
29 June 2017
PME African Infrastructure Opportunities plc
("PME", the "Company" and together with its subsidiaries the
"Group")
Completion of 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
capital to shareholders. Since 2012, the Company has disposed of
the majority of its assets and carried out three tender offers,
returning a total of US$26.8 million to shareholders. The Company's
remaining assets, prior to the date of this announcement, comprised
two types of 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 its wholly owned subsidiary PME Locomotives
(Mauritius) Limited ("PME Locomotives"), had a put option to
require Sheltam (Mauritius) Limited to purchase any one or more of
the three C30 locomotives still owned by PME Locomotives for
US$1,416,666 per locomotive (the "Option").
The Option was exercised by PME Locomotives on 2 February
2017.
Further to the Company's announcement of 12 June 2017, the
Company is pleased to announce the completion and settlement of the
Option and that the cash consideration of US$4.25 million, together
with interest of US$163,000 (interest has accrued on the Option
consideration at a rate of 10% per annum from and including 9
February 2017), has now been received by the Group.
In accordance with the Company's investing policy, the directors
intend to return the net proceeds of the Option, after considering
the Company's future working capital requirements, to shareholders.
A further announcement in this regard will be made, as appropriate,
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 announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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