TIDMMIL
RNS Number : 5932J
Myanmar Investments Intl Ltd
13 September 2016
13 September 2016
Myanmar Investments International Limited
("MIL" or the "Company")
Issue of equity to raise US$4.2 million
Myanmar Investments International Limited (AIM: MIL), the
AIM-quoted Myanmar focused investment company, today announces that
it has raised, in aggregate, US$4,219,081 (before costs) through a
direct subscription with the Company for 3,245,447 new ordinary
shares of nil par value each in the capital of the Company (the
"Subscription Shares"), (the "Subscription"), at a price of US$1.30
per new ordinary share (the "Issue Price").
The Subscription Shares, when issued, will be fully paid and
will rank pari passu in all respects with the existing ordinary
shares of the Company.
The Company also announces that it has issued 811,368 warrants
(the "Warrants"), in the ratio of 1 Warrant for every 4
Subscription Shares subscribed for as part of the Subscription. The
Warrants are identical in all respects with the Company's existing
15,232,680 warrants currently in issue. Each warrant entitles the
holder to subscribe for an ordinary share at an exercise price of
US$0.75. The warrants may be exercised at any time to 21 June
2018.
The proceeds of the Subscription will be used to fund the
Company's investment pipeline in order to take advantage of a
number of live investment opportunities. It is expected that,
subject to market conditions, the proceeds will be deployed within
six months.
In relation to the Subscription, Aung Htun, Managing Director
commented: "After a relatively quiet period around the time of the
election, MIL now sees substantial growth opportunities in Myanmar
and expects to invest in a number of companies over the next 6 to
12 months. This current fund raising is the first part of a
carefully planned and disciplined strategy that we hope will lead
to a significant increase in our size and liquidity."
As a consequence of the Subscription, the interests of the
following shareholders are disclosed:
Percentage
of
enlarged Warrants
issued held
Resultant Resultant share as a
interest interest capital percentage
in Ordinary in Warrants in respect of total
Current Shares held of the enlarged
interest Current following following Ordinary Warrants
Shareholder in Ordinary interest the the Shares in issue
Name Shares in Warrants Subscription Subscription (%) (%)
LIM Asia
Special
Situations
Master Fund
Limited 7,141,742 2,793,914 7,718,665 2,938,145 25.3% 18.3%
Stewart Investors
Asia Pacific
Fund 2,608,695 869,565 3,023,695 973,315 9.9% 6.1%
Red Oak Operations
Limited 1,845,565 1,265,855 2,105,569 1,330,856 6.9% 8.3%
Incagrove
Limited 1,795,566 1,215,856 2,103,258 1,292,779 6.9% 8.1%
Alpha Investments
Asia FCP-SIF
Fund 1,304,346 434,782 1,449,475 471,065 4.7% 2.9%
Finanzverwaltungs
GbR Langen
II 1,298,565 718,855 1,443,051 754,977 4.7% 4.7%
Pachira Holdings
Limited 976,000 976,000 1,113,499 1,010,375 3.6% 6.3%
Crystal
Consultancy
Services
Limited 976,000 976,000 1,113,499 1,010,375 3.6% 6.3%
Bank Alpinum
AG 900,000 300,000 1,065,000 341,250 3.5% 2.1%
LIM Asia Special Situations Master Fund Limited ("LIM") will
subscribe for 576,923 Subscription Shares pursuant to the
Subscription. LIM's participation constitutes a related party
transaction pursuant to rule 13 to the AIM Rules for Companies due
to LIM being a substantial shareholder of MIL. Accordingly, the
directors of MIL consider, having consulted with the Company's
nominated adviser, Grant Thornton UK LLP, that the terms of LIM's
participation in the Subscription are fair and reasonable insofar
as the Company's shareholders are concerned.
Total Voting Rights
Application has been made for the Subscription Shares and the
Warrants to be admitted to trading on AIM under the tickers "MIL"
and "MILW" respectively. It is expected that admission with occur
and dealings in the Subscription Shares and the Warrants will
commence on or around 16 September 2016 ("Admission").
Following admission to trading of the Subscription Shares, the
issued share capital of the Company will be 30,553,627 ordinary
shares of nil par value, with voting rights. The Company does not
hold any ordinary shares in Treasury. In addition, following the
issue of the Warrants the Company will have 16,044,048 warrants in
issue.
Following Admission, the above figure of 30,553,627 ordinary
shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
The information contained within this RNS is considered to be
inside information prior to its release as defined in Article 7 of
the Market Abuse Regulation No. 596/2014 and is disclosed in
accordance with the Company's obligations under Article 17 of those
Regulations.
For further information please contact:
Aung Htun Michael Dean
Managing Director Finance Director
Myanmar Investments International Myanmar Investments International
Ltd Ltd
+66 81 836 5104 +65 82 99 98 98
+95 94 0160 0501 +95 94 2006 4957
aunghtun@myanmarinvestments.com mikedean@myanmarinvestments.com
Nominated Adviser Broker
Philip Secrett / Jamie Andrew Pinder / David
Barklem/ Herring
Carolyn Sansom Alistair Roberts (Hong
Grant Thornton UK LLP Kong)
+44 20 7383 5100 Investec Bank plc
+44 (0) 20 7597 4000
Notes to Editors:
Myanmar Investments International Limited ("MIL") is the first
Myanmar-focused investment company to be admitted to trading on the
AIM market of the London Stock Exchange. It was established in 2013
to act as a conduit for overseas investors to invest in businesses
led by dynamic and visionary Myanmar entrepreneurs and foreign
companies investing in the country. MIL is led by co-founders Aung
Htun and Mike Dean, private equity professionals and entrepreneurs
with a strong regional track record of investment and profitable
exits in SE Asia.
MIL aims to identify investments with strong growth which if
necessary can be "de-risked" through the introduction of
experienced senior line-management, mentors and/or strategic
partners sourced by its Founders. Key sectors are those
experiencing acute supply vs. demand imbalances, such as consumer
and other capacity-constrained sectors.
To date, MIL has invested in Apollo Towers, a top 3 telecom
towers company with 1,800 towers, and MFIL, a top 10 microfinance
company whose loan book has grown over 400% since investment. With
its strong proprietary investment pipeline of deals, MIL provides
investors with a highly disciplined and conservative investment
process into one of the most promising growth opportunities of this
era.
Myanmar, a country of approximately 51.4 million people and
roughly the size of France, has been isolated for much of the last
50 years. Once one of the more prosperous countries in Southeast
Asia as it has an abundance of natural resources (oil, natural gas,
arable land, tourist attractions and a long coastline), it is now
one of the least developed countries in the world.
Following the general elections in Myanmar in November 2015 the
National League for Democracy, led by Daw Aung San Suu Kyi, won an
overwhelming majority of the seats and the new administration took
power on 1 April 2016.
For more information about MIL, please visit
www.myanmarinvestments.com
The company news service from the London Stock Exchange
END
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