TIDMMIL

RNS Number : 1188U

Myanmar Investments Intl Ltd

01 December 2021

1 December 2021

Myanmar Investments International Limited

Final Warrant Exercise Window and Cancellation of Warrants

Myanmar Investments International Limited [AIM: MIL] ("MIL" or the "Company"), the AIM-quoted Myanmar focused investment company, announces that the final window for warrant holders to exercise all or any of the warrants held by them is now open and will remain open until 31 December 2021 (the "Exercise Window"). Following the Exercise Window, all unexercised warrants will expire and admission of the remaining warrants to trading on AIM will be cancelled from 7:00 a.m. on 4 January 2022. The terms applicable to the Exercise Window reflect the terms of the Amended and Restated Warrant Instrument adopted on 21 May 2018 (the "Warrant Instrument"), a copy of which can be found on the Company's website at http://myanmarinvestments.com/shares-warrants-and-esops/ . The date of exercise for all notices received during the Exercise Window will be 31 December 2021.

Cash exercise

In accordance with the terms of the Warrant Instrument, one new ordinary share of nil par value ("Ordinary Share") will be issued for each existing warrant together with payment of the exercise price of US$0.90.

Cashless exercise

As announced on 30 November 2021, the Company's net asset value per Ordinary Share as at 30 September 2021 was US$0.67.

Further, the volume weighted average sale price for the Company's Ordinary Shares traded on AIM during the Trading Days between September and November 2021 was US$0.35.

As both of these values are below the US$0.90 exercise price and applying the cashless exercise formula set out in the Warrant Instrument, any cashless exercise of the warrants during this Exercise Window would not give rise to any Ordinary Shares being issued.

Exercise and Admission

Warrantholders who wish to exercise their warrants for cash should deliver the appropriate documentation to the Company in accordance with the requirements of clause 4 of the Warrant Instrument to arrive on or before 31 December 2021.

Application will be made to the London Stock Exchange for the admission of the Ordinary Shares issued on the exercise of the warrants to trading on AIM, should such exercise occur in the Exercise Window. It is anticipated that admission to trading of, and dealings in, the Ordinary Shares issued pursuant to the exercise of warrants in the Exercise Window, will commence on AIM no later than 10 business days following the close of the Exercise Window.

Cancellation of Warrants

Pursuant to the Warrant Instrument any warrant not exercised by 31 December 2021 shall lapse and cease to be valid for any purpose and be cancelled. All outstanding warrants not exercised in the final Exercise Window will therefore expire and admission of the remaining warrants to trading on AIM will be cancelled from 7:00 a.m. on 4 January 2022.

For further information please contact:

 
Nick Paris                          Michael Rudolf 
 Managing Director                   Chief Financial Officer 
 Myanmar Investments International   Myanmar Investments International 
 Ltd                                 Ltd 
 +95 (0) 1 387 947                   +95 (0) 1 387 947 
 nickparis@myanmarinvestments.com    michaelrudolf@myanmarinvestments.com 
 
  Nominated Adviser                   Broker 
  Philip Secrett / George Grainger    William Marle 
  Grant Thornton UK LLP               finnCap Ltd 
  +44 (0) 20 7383 5100                +44 (0) 20 7220 0500

For more information about MIL, please visit www.myanmarinvestments.com

Notes to Editors

Myanmar Investments International Limited (AIM: MIL) was the first Myanmar-focused investment company to be admitted to trading on the AIM market of the London Stock Exchange. MIL was established in 2013 with the intention of building long-term shareholder value by proactively investing in a diversified portfolio of Myanmar businesses that will benefit from the country's re-emergence and ongoing economic development. The Company is led by an experienced and entrepreneurial team who between them have considerable industrial, corporate and financial management experience. At the Annual General Meeting on 24 October 2019, the Company's shareholders approved a change in the investment policy of the Company to now seek to harvest the Company's investments over time.

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