TIDMAFMC
RNS Number : 0170B
Aberdeen Frontier Mkts Inv Co Ltd
17 September 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL
TO DO SO
Aberdeen Frontier Markets Investment Company Limited
LEI: 213800X9N731I4IPK361
Publication of Tender Offer circular
Publication of Tender Offer circular and proposed adoption of a
new discount control policy
17 September 2018
Aberdeen Frontier Markets Investment Company Limited (the
"Company") will later this week publish a circular (the "Circular")
in connection with a Tender Offer to purchase up to 15 per cent. of
the Ordinary Shares in issue at the Tender Price and the proposed
adoption of a new discount control policy.
1 INTRODUCTION
On 2 July 2018, the Company announced its intention to implement
a tender offer to purchase up to 15 per cent. of the Ordinary
Shares currently in issue. The decision to implement the Tender
Offer was made in the light of the Company's adoption, in March
2017, of a discount control policy whereby should the average
Ordinary Share price discount to the underlying ex income NAV over
the three month period immediately prior to the Company's year-end
(30 June) exceed ten per cent. then, at the discretion of the
Board, the Company would, subject to any legal or regulatory
requirements, implement a tender offer. Over the relevant period
the average Ordinary Share price discount to the underlying ex
income NAV was 10.47 per cent. and hence the Board's decision to
implement the Tender Offer.
2 BACKGROUND TO THE TER OFFER
Global equity market sentiment was constructive through most of
our financial year to 30 June 2018, supported by firming global
growth and hopes that the passage of US tax legislation would give
a boost to the world's largest economy. Towards the end of the
period, however, there was a marked return of volatility and
renewed US dollar strength, stoked by raised expectations in
respect of the US Federal Reserve's withdrawal of monetary
stimulus, as well as heightened risk aversion over trade tensions
between the US and China over tariffs. Risk assets saw a broad
sell-off during the final quarter, which was compounded by weakness
witnessed in many frontier market currencies.
During the twelve months to 30 June 2018 the Company's NAV per
Ordinary Share and share price total returns were -10.3 per cent.
and -12.0 per cent. respectively. As a point of reference, the MSCI
Frontier Markets Index gained 1.7 per cent. over the same period.
Clearly for Shareholders, the Board and the Manager this
underperformance was very disappointing. However, the Board and the
Manager are aware that it was only in June 2017 that the Portfolio
was transitioned away from the fund of funds investment mandate
over to a direct equity investing mandate managed by the Manager's
very well resourced emerging market equity team led by Devan Kaloo.
Despite this underperformance over the year to 30 June 2018 the
Board believes that the Manager should be given a reasonable
investment period to prove its investment process in these
markets.
Absolute and relative performance was hindered by four factors:
the Portfolio's exposure to Pakistan, which left the benchmark last
year and suffered equity declines for the reasons outlined above;
the Company's overweight exposure to Sri Lanka, whose market
declined as a result of a poor harvest, fiscal austerity, and a
rise in the tax burden; the exposure to Vietnam via off-benchmark
names, which lagged the liquidity-fuelled rally of the MSCI Vietnam
index due to foreign-ownership restrictions; and the Company's
underweight exposure to Kuwait, which made gains as a result of the
stronger oil price and news that the market is under review by MSCI
with a view to upgrading to emerging markets status.
The investment policy of the Company is benchmark aware but
importantly not benchmark driven. In this respect the Manager looks
across a wide array of countries with frontier market
characteristics, including outside of the Index, seeking out
quality companies to invest in. This diversified portfolio of
companies is managed with a mind to delivering strong performance
over the medium to longer term at a low level of volatility. That
said, there will be divergences away from the Benchmark, at times
quite marked, as well as in relative performance. The Manager
remains committed to this investment approach, which entails
rigorous interaction and engagement with investee companies. This
allows the Manager to identify those with solid long-term prospects
and progressive management teams that will negotiate cycles and
safeguard Shareholder interests.
The Board recognised the importance to investors of the Ordinary
Shares not trading at a significant discount to the prevailing NAV.
Accordingly, in March 2017, the Board introduced a discount control
policy whereby should the average Ordinary Share price discount to
the underlying ex income NAV over the three month period
immediately prior to the Company's year-end (30 June) exceed 10 per
cent. then, at the discretion of the Board, the Company would,
subject to any legal or regulatory requirements, implement a tender
offer. Such tender offer would be for up to 15 per cent. of the
issued share capital of the Company.
Unfortunately, despite the Ordinary Share price trading in a
relatively tight discount band below 10 per cent. prior to the
three month period to 30 June 2018, dislocation in markets and
negative sentiment in emerging markets generally caused by US
tariff threats led to share price weakness and the discount
widening through the monitoring period. This meant that, despite
the discount tightening below 10 per cent. at certain times, the
average discount for the monitoring period was 10.47 per cent.
Having triggered the discount target set out above, the Board is
also aware that there exists appetite for the liquidity that can be
provided by a tender offer at a price close to NAV. Accordingly,
and in line with the current discount control policy, Shareholders
are being asked to approve the Tender Offer for up to 15 per cent.
of the issued share capital of the Company (excluding Ordinary
Shares held in treasury) at a Tender Price equal to 98 per cent. of
the prevailing NAV (less the direct costs, including any
realisation costs of underlying investments, of implementing the
Tender Offer) on the Calculation Date.
The Board believes that the Tender Offer strikes a fair balance
between those Shareholders who wish to realise part of their
investment in the Company at a value close to the NAV per Ordinary
Share and those who wish to maintain their investment in the
Company. The fixed costs and expenses payable by the Company in
respect of the Tender Offer, together with portfolio realisation
costs, will be deducted from the NAV in terms of calculating the
Tender Price on the Calculation Date.
3 DISCOUNT CONTROL POLICY
As part of its ongoing programme of Shareholder engagement the
Board has received feedback suggesting that it would be appropriate
to allow the revised direct equity investment policy, which was
adopted in March 2017, a defined period of time to prove itself
without being distracted by the potential for further annual tender
offers or other discount control mechanisms. If, however, at the
end of that defined period, the Company has failed to outperform
its reference benchmark, the Board is mindful that Shareholders
should be given the opportunity to fully exit their investment for
cash. The Board is conscious that the revised investment policy saw
the Portfolio only fully re-aligned in June 2017.
In the light of the above the Board is proposing to adopt a new
discount control policy. Discount triggered tenders (other than
that set out in the Circular) or other discount control mechanisms
will no longer be proposed. Instead, Shareholders will be given the
opportunity to fully exit their investment in the Company for cash
at the then prevailing NAV less applicable direct costs, including
any realisation costs of underlying investments, in the event that
the Share Price Total Return for the two year period from 1 July
2018 to 30 June 2020 fails to exceed the Portfolio's reference
benchmark, being the MSCI Frontier Markets Index (in sterling
terms).
The Board also intends to seek annual renewal of the usual
authority to buyback Ordinary Shares in the market and will
exercise such authority where it believes it is in the best
interests of Shareholders to do so.
4 TER OFFER
4.1 General
The Board proposes to make available a Tender Offer for up to 15
per cent. of the Ordinary Shares in issue (excluding Treasury
Shares) on the Record Date to enable those Shareholders (other than
Restricted Shareholders) who wish to realise a portion of their
holding of Ordinary Shares, to do so. The Tender Price will be
equal to 98 per cent. of the prevailing NAV per Ordinary Share as
at the Calculation Date (less the direct costs, including any
realisation costs of underlying investments, of implementing the
Tender Offer) and will be expressed and paid in Sterling. The
Tender Price has been set at this level, as indicated in the
circular published by the Company on 3 February 2017, to allow
Shareholders who wish to realise a portion of their holding of
Ordinary Shares to do so at a price close to NAV whilst providing
for a small uplift to NAV per Ordinary Share for continuing
Shareholders.
The Tender Offer is not conditional on Ordinary Shares trading
at a discount to NAV as at the Calculation Date (i.e. the share
price per Ordinary Share being at a discount to the NAV per
Ordinary Share on the Calculation Date). In the event that the
Ordinary Shares are trading at a premium to NAV per Ordinary Share
as at the Calculation Date (i.e. the share price per Ordinary Share
being at a premium to NAV per Ordinary Share on the Calculation
Date), Shareholders who tender Ordinary Shares may receive less
than they may otherwise be able to realise by way of market
sale.
The Company intends to fund the Tender Offer through its
available cash and through the realisation of a portion of its
Portfolio.
The Record Date for the Tender Offer is the close of business on
15 October 2018.
Under the terms of the Tender Offer, Shareholders (other than
Restricted Shareholders) will be entitled to tender up to their
Basic Entitlement, being 15 per cent. of the Ordinary Shares they
held as at the Record Date rounded down to the nearest whole number
of Ordinary Shares. Shareholders will also be able to tender
additional Ordinary Shares, but any such excess tenders will only
be satisfied on a pro rata basis, to the extent that other
Shareholders tender less than their Basic Entitlement. Tender
applications will be rounded down to the nearest whole number of
Ordinary Shares.
The results of the Tender Offer and the Tender Price are
expected to be announced on 19 October 2018.
4.2 Conditions of the Tender Offer
The Tender Offer is subject to, (i) the Tender Resolution being
passed at the EGM, and (ii) certain other conditions set out in
paragraph 1 of Part 4 of the Circular. In addition, the Tender
Offer may be suspended or terminated in certain circumstances as
set out in paragraph 2 of Part 4 of the Circular.
The Tender Offer is also conditional upon Numis having received
payment from the Company in respect of the Tender Price for the
Ordinary Shares tendered in accordance with the Repurchase
Agreement.
4.3 Further details of the Tender Offer
Shareholders (other than Restricted Shareholders) on the
Register on the Record Date are invited to tender for sale some or
all of their Ordinary Shares (subject to the overall limits of the
Tender Offer) to Numis who, as principal, will purchase at the
Tender Price the Ordinary Shares validly tendered (subject to the
overall limits of the Tender Offer) and, following the completion
of all those purchases, sell the relevant Tendered Shares on to the
Company at the Tender Price by way of an on-market transaction, in
accordance with the terms of the Repurchase Agreement. All
transactions will be carried out on the London Stock Exchange and
Ordinary Shares bought by the Company will be cancelled.
Further details of the calculation of the Tender Price are set
out in paragraph 1 of Part 4 of the Circular. Shareholders'
attention is drawn to the letter from Numis set out in Part 2 of
the Circular and, for Shareholders who hold their Ordinary Shares
in certificated form, to the Tender Form or the Savings Schemes
Tender Form, whichever is applicable, which together constitute the
terms and conditions of the Tender Offer.
Details of how to tender Ordinary Shares can be found in
paragraph 3 of Part 4 of the Circular. Shareholders should note
that, once tendered, Ordinary Shares may not be sold, transferred,
charged or otherwise disposed of other than in accordance with the
Tender Offer.
4.4 City Takeover Code
Under Rule 9 of the City Code, any person who acquires an
interest (as defined in the City Code) in shares which, taken
together with shares in which he is already interested and in which
persons acting in concert with him are interested, carry 30 per
cent. or more of the voting rights of a company which is subject to
the City Code, is normally required to make a general offer to all
the remaining shareholders to acquire their shares.
Similarly, when any person, together with persons acting in
concert with him, is interested in shares which in aggregate carry
not less than 30 per cent. of the voting rights of such a company
but does not hold shares carrying more than 50 per cent. of such
voting rights, a general offer will normally be required if any
further interests in shares is acquired by any such person or any
person acting in concert with him.
Under Rule 37.1 of the City Code, when a company redeems or
purchases its own voting shares, any resulting increase in the
percentage of shares carrying voting rights in which a person or a
group of persons acting in concert is interested will be treated as
an acquisition for the purposes of Rule 9 of the City Code.
However, note 21 to Rule 37.1 of the City Code states that a
person who comes to exceed the percentage limits set out in Rule 9
of the City Code in consequence of a company's redemption or
purchase of own shares will not normally incur an obligation to
make a mandatory offer unless that person is a director, or is
presumed to be acting in concert with any of the directors.
The Takeover Panel must be consulted in advance of any case
where Rule 9 of the City Code might be relevant. Under note 4 to
Rule 37.1 of the City Code, the Company has consulted with the
Panel in relation to the proposed Tender Offer. The Panel has
confirmed on an ex parte basis to the Company that, provided City
of London Investment Management Company Limited is not acting in
concert with the Company or any of its directors such that they be
treated as an "innocent bystander" in relation to any increase in
its holding in the Company as a result of the proposed Tender
Offer, the Panel will not require City of London Investment
Management Company Limited nor any person deemed to be acting in
concert with it to make a mandatory offer under Rule 9 of the City
Code on the grounds that its interest in the share capital of the
Company has increased as a consequence of the proposed Tender
Offer.
Shareholders are not obliged to tender their Ordinary Shares
and, if they do not wish to participate in the Tender Offer,
Shareholders should not complete or return their Tender Form or
send a TTE Instruction.
The Circular does not constitute or contain a recommendation to
Shareholders to tender their Ordinary Shares. Whether Shareholders
choose to tender any Ordinary Shares will depend upon, amongst
other things, their view of the Company's future prospects and
their own individual circumstances, including their tax position.
Shareholders who are in any doubt as to the contents of the
Circular or as to the action to be taken should immediately consult
their stockbroker, bank manager, solicitor, accountant or other
independent professional adviser authorised under the Financial
Services and Markets Act 2000 or other appropriately qualified
adviser.
Shareholders' attention is also drawn to the Risk Factors set
out on page 4 of the Circular.
5 ONGOING CHARGES RATIO
Following implementation of the Tender Offer the size of the
Company, in terms of its net assets, will decrease. The Board is
mindful of the costs incurred in managing an investment company and
the fact that a fall in net assets will lead to a higher overall
ongoing charges ratio ("OCR"). To that end, the Board is pleased to
report that it has secured agreement from the Manager to seek to
limit the Company's OCR to no more than 2 per cent. when calculated
annually as at 30 June.
Until further notice, to the extent that the OCR exceeds 2 per
cent. in any annual period, the Manager will rebate an equal amount
of its management fee to the Company with the objective of bringing
the OCR down to 2 per cent. This rebate will, however, be capped
such that the Manager will not rebate more than an amount equal to
one third of the Manager's management fee for the relevant year in
question. There can therefore be no guarantee that the overall OCR
of the Company will, even given any rebate by the Manager, be
limited to 2 per cent. of net assets. However, the Board will
continue to monitor all costs on a regular basis.
For the avoidance of doubt the OCR calculation will continue to
be based on the guidance published by the Association of Investment
Companies.
6 EXTRAORDINARY GENERAL MEETING
The Tender Offer is subject to Shareholders passing the Tender
Resolution to be proposed at the EGM. The proposed new discount
control mechanism outlined in this announcement is subject to
Shareholders passing an ordinary resolution to be proposed at the
EGM approving the new discount control policy. The Notice convening
the EGM, to be held at 2.30 p.m. on 17 October 2018 at the
registered office of the Company, is set out at the end of the
Circular.
In order to become effective, the Tender Resolution and the
ordinary resolution approving the new discount control policy must
each be approved by a majority of not less than 50 per cent. of the
votes cast by Shareholders present in person or by proxy at the
EGM.
The quorum for the EGM shall be two or more Shareholders present
in person or by proxy. If the EGM needs to be adjourned because it
is not quorate, it will be adjourned to the same time and place on
the fifteenth calendar day following the adjourned EGM (or, if that
day is not a business day, to the next business day), whereupon
those Shareholders then present, in person or by proxy, shall form
the quorum. In the event of any such adjournment the Company will
announce the adjournment via an RIS but no notification will be
sent directly to Shareholders.
7 REPURCHASE AGREEMENT WITH NUMIS
On the date of the Circular, the Company and Numis will enter
into a Repurchase Agreement, which imposes a binding obligation on
Numis to sell the Tendered Shares to the Company and on the Company
to buy-back such Tendered Shares at the Tender Price.
All Ordinary Shares purchased by the Company shall be effected
on the London Stock Exchange in on-market transactions. Numis, on
the Company's behalf, may settle acquisitions of Tendered Shares in
such manner and in such order as it considers appropriate in its
absolute discretion. Numis warrants to the Company that it is a
member of the London Stock Exchange and the Company shall be
entitled to terminate the Repurchase Agreement if such membership
expires, is suspended, revoked or withdrawn at any time prior to
the completion of the Tender Offer.
8 COSTS AND EXPENSES ASSOCIATED WITH THE TER OFFER
The fixed costs and expenses payable by the Company are
estimated to amount to approximately GBP132,000 excluding estimated
realisation costs. These costs, together with portfolio realisation
costs, will be deducted from the NAV in terms of calculating the
Tender Price on the Calculation Date.
9 TAXATION
Shareholders who sell Ordinary Shares in the Tender Offer may,
depending on their individual circumstances and subject to the
availability of any exemption or relief, incur a liability to
taxation.
UK resident Shareholders should be aware that HMRC may seek to
treat part of the disposal proceeds of their Tendered Shares as
income. The attention of Shareholders is drawn to Part 5 of the
Circular, which sets out a general guide and is not exhaustive.
Shareholders should seek advice in relation to their own specific
circumstances.
Shareholders who are in any doubt as to their tax position
should seek advice from an appropriately qualified
professional.
10 RESTRICTED SHAREHOLDERS AND OVERSEAS SHAREHOLDERS
The Tender Offer is not being made to Restricted Shareholders.
Shareholders who are resident in, or citizens of, a Restricted
Territory are excluded from the Tender Offer to avoid breaching
local laws relating to the implementation of the Tender Offer.
Accordingly, copies of the Circular, the Tender Form, the Savings
Schemes Tender Form and any related documents are not being and
must not be mailed or otherwise distributed in or into any of the
Restricted Territories.
Shareholders who are not Restricted Shareholders but who have a
registered or mailing addresses outside the United Kingdom or who
are citizens or nationals of, or resident in, a jurisdiction other
than the United Kingdom should read paragraph 6 of Part 4 of the
Circular and the relevant provisions of the Tender Form.
11 ACTION TO BE TAKEN BY SHAREHOLDERS
11.1 Forms of Proxy
Whether or not they wish to tender Ordinary Shares and
regardless of whether they intend to be present at the EGM,
Shareholders (other than Savings Schemes Participants) are
requested to complete and return the Form of Proxy in accordance
with the instructions printed thereon, so as to be received by Link
Asset Services, PXS1, 34 Beckenham Road, Beckenham, BR3 4TU as soon
as possible and in any event not later than 2.30 p.m. on 15 October
2018.
The completion of Forms of Proxy will not prevent a Shareholder
from attending the EGM and voting in person should they wish to do
so.
11.2 Forms of Direction
Whether or not they wish to tender Ordinary Shares and
regardless of whether they intend to be present at the EGM, Savings
Schemes Participants are requested to complete and return the
accompanying Forms of Direction in accordance with the instructions
printed thereon, so as to be received by Link Asset Services, PXS1,
34 Beckenham Road, Beckenham, BR3 4TU as soon as possible and in
any event not later than 2.30 p.m. on 8 October 2018.
The completion of Forms of Direction will not prevent a
Shareholder from attending the EGM and voting in person should they
wish to do so.
11.3 Tender Offer
Shareholders and Savings Schemes Participants who wish to
continue with their existing investment in the Company should not
tender their Ordinary Shares through CREST or return a Tender Form
or Savings Schemes Tender Form.
Ordinary Shares held in uncertificated form (i.e. in CREST)
Shareholders who hold their Ordinary Shares in uncertificated
form (that is in CREST) and who wish to participate in the Tender
Offer do not need to complete a Tender Form. Such Shareholders
should take the appropriate action in CREST to tender their
Ordinary Shares and should arrange for the relevant Ordinary Shares
to be transferred to escrow by no later than 1.00 p.m. on 15
October 2018, as described in Part 4 of the Circular.
Ordinary Shares held in certificated form
Shareholders who hold their Ordinary Shares in certificated form
(other than Savings Schemes Participants) and who wish to
participate in the Tender Offer should complete the Tender Form in
accordance with the instructions set out therein and return the
completed Tender Form by post or by hand (during normal business
hours only) to the Receiving Agent, Link Asset Services, Corporate
Actions, 34 Beckenham Road, Beckenham, BR3 4TU, by no later than
1.00 p.m. on 15 October 2018. They should also return the valid
share certificate(s) and/or other documents of title in respect of
the Ordinary Shares tendered.
Savings Schemes Participants
Savings Schemes Participants who wish to participate in the
Tender Offer should complete the Savings Schemes Tender Form in
accordance with the instructions set out therein and return it to
Link Asset Services, Corporate Actions, 34 Beckenham Road,
Beckenham, BR3 4TU, so as to be received as soon as possible and in
any event by no later than 1.00 p.m. on 8 October 2018.
12 RECOMMATION
The Board considers that the Tender Offer and the proposed
adoption of a new discount control policy are in the best interests
of the Company and of Shareholders. Accordingly, the Board
recommends that Shareholders vote in favour of the Resolutions to
be proposed at the EGM as the Directors intend to do in respect of
their own beneficial holdings.
The Directors' beneficial holdings, in aggregate, amount to
18,350 Ordinary Shares, representing 0.02 per cent. of the issued
Ordinary Shares as at the latest practicable date prior to the
issue of the Circular.
The Board has received indications from Shareholders holding in
aggregate Ordinary Shares representing at least 60 per cent. of the
issued Ordinary Shares of their current intention to vote in favour
of the Resolutions.
The Board makes no recommendation to Shareholders as to whether
they should tender their Ordinary Shares in the Tender Offer. The
Directors do not intend to tender any of their own Ordinary Shares.
Whether Shareholders decide to tender any Ordinary Shares will
depend on their view of the Company's future prospects and their
own individual circumstances including their own tax position.
A timetable for the implementation of the Tender Offer is set
out below.
Terms used and not defined in this announcement shall have the
meaning given to them in the Circular.
Enquiries:
Aberdeen Fund Managers Limited
(Manager to Aberdeen Frontier Markets Investment Company
Limited)
Gary Jones
Tel: +44 (0)20 7463 6295
Grant Thornton UK LLP
(Nominated Adviser)
Philip Secrett
Tel: +44 (0)20 7383 5100
Numis Securities Limited
(Nominated Broker)
David Benda
Tel: +44 (0)20 7260 1275
EXPECTED TIMETABLE
All references are to London time unless otherwise stated.
Latest time and date for receipt of 1.00 p.m. on 8 October
Savings Schemes Tender Forms 2018
Latest time and date for receipt of 2.30 p.m. on 8 October
Forms of Direction for the Extraordinary 2018
General Meeting
Tender Closing Date: Latest time and 1.00 p.m. on 15 October
date for receipt of Tender Forms and 2018
TTE Instructions in CREST
Latest time and date for receipt of 2.30 p.m. on 15 October
Forms of Proxy 2018
Record Date for participation in the 6.00 p.m. on 15 October
Tender Offer 2018
Extraordinary General Meeting 2.30p.m. on 17 October
2018
Announcement of result of Extraordinary 17 October 2018
General Meeting
Calculation Date close of business on
17 October 2018
Announcement of result of Tender Offer 19 October 2018
and Tender Price
Creation of assured payment obligations 26 October 2018
for Tender Offer proceeds for uncertificated
Ordinary Shares
Dispatch of cheques for Tender Offer Week commencing 29 October
proceeds and balance share certificates 2018
for certificated Ordinary Shares
The dates and times specified are subject to change and will be
notified by the Company through a Regulatory Information Service.
All references to time are to UK time.
Numis Securities Limited ("Numis"), which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom
is acting exclusively for the Company and no-one else in connection
with the Tender Offer and will not be responsible to anyone other
than the Company for providing the protections afforded to
customers of Numis or for providing advice in relation to the
Tender Offer. Nothing in this paragraph shall serve to exclude or
limit any responsibilities which Numis may have under FSMA or the
regulatory regime established thereunder.
Apart from the responsibilities and liabilities, if any, which
may be imposed on Numis by FSMA or the regulatory regime
established thereunder, Numis accepts no responsibility whatsoever
for the contents of the Circular or this announcement or for any
other statement made or purported to be made by it or on its behalf
in connection with the Company or the Tender Offer. Numis
accordingly disclaims all and any liability whether arising in tort
or contract or otherwise (save as referred to above) which it might
otherwise have in respect of this document or any such
statement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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