Source - PRN

(“AJGF” or the “Company”)

(a closed-ended investment company incorporated in Guernsey with registration number 30709)

This replaces the "Subscription Rights Exercise – Update" announcement released on 7 October 2016 at 17.32.  The issued share capital has been corrected to 48,588,544.  All other details remain unchanged.  The full amended version is shown below.

Subscription Rights Exercise – Update – Replacement
7 October 2016

Further to the announcement made on 5 October 2016, the Board advises that eligible applications received from shareholders in respect of the exercise of the annual Subscription Right amount to 3,678,856 new Ordinary Shares and not 3,936,907 as previously reported.  Accordingly, 3,678,856 new Ordinary Shares have been issued, at an exercise price of 143.76 pence per Ordinary Share raising gross proceeds of approximately £5.3m.  The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue.

In accordance with the Company's Articles of Incorporation, the Company appointed a trustee (the "Subscription Trustee") to determine whether all or any of the unexercised Subscription Rights in respect of the 3 October 2016 Subscription Date should be exercised on behalf of the holders of such rights.  Having taken account of the subscription price payable to the Company and all costs and expenses of exercise from the sale of Ordinary Shares arising on the exercise of the unexercised Subscription Rights, the Subscription Trustee has determined that there would be net proceeds and, as a result, the Trustee has exercised all such unexercised Subscription Rights.  Consequently, the Company will issue and allot a further 3,935,590 Ordinary Shares as a result of the exercise of all of the unexercised Subscription Rights outstanding on 3 October 2016.  These new Ordinary Shares, which will also be issued at the exercise price of 143.76 pence raising gross proceeds of approximately £5.7m, will also rank pari passu with the existing Ordinary Shares.   

Applications have been made for all 7,614,446 new Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective, and that dealings in the new Ordinary Shares will commence, on 11 October 2016 (and not 10 October 2016 as previously announced). 

On Admission, the Company's issued share capital will consist of 48,588,544 Ordinary Shares, with each share carrying the right to one vote.  The Company holds 2,919,186 Ordinary Shares in treasury.  Accordingly, the total number of voting rights in the Company on Admission will be 45,669,358 and this figure may be used by investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The Company's registrar will distribute the net proceeds of sale of the Ordinary Shares allotted and issued on the exercise by the Subscription Trustee of the unexercised Subscription Rights (after deduction of the subscription price payable to the Company and all costs and expenses of exercise) to holders of such unexercised Subscription Rights by no later than 14 October 2016, save that, in accordance with the Company's Articles of Incorporation, entitlements of less than £5.00 shall be retained for the benefit of the Company.

Corporate Broker
Sue Inglis
Cantor Fitzgerald Europe
Tel: +44 (0) 20 7894 8016

Company Secretary
Cara De La Mare
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:       +44 (0)1481 745498