THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION
14 January 2021
Gulf Investment Fund plc (Ticker: GIF)
Tender Offer Update
Further to the announcement on 14 December 2020, the Board of Gulf Investment confirms that all assets in the Tender Pool have been sold. 12 January 2021 will be the Tender Pool Determination Date. As at that date, the Final Tender Offer Asset Value was $60,723,852, giving a Tender Price of $1.4941.
Panmure Gordon will, as principal, on the terms and subject to the conditions of the Tender Offer being satisfied, buy the 40,643,418 Tendered Shares at the Tender Price in the market then sell the Tendered Shares on to the Company at the Tender Price in line with the Repurchase Agreement, with this expected to happen on or around 21 January 2021.
The Board is proposing to hold 5,757,536 Tendered Shares in treasury, with the remaining 34,885,882 Tendered Shares being cancelled.
It is expected that the proceeds payable to shareholders whose tendered shares are held through CREST accounts will be made by 29 January 2021 and that cheques for the certificated Shares purchased under the Tender Offer will be despatched by 29 January 2021.
For the purposes of this announcement, unless otherwise defined, capitalised words and phrases shall have the meaning given to them in the Circular.
Legal Entity Identifier: 2138009DIENFWKC3PW84
For further information:
Nicholas Wilson +44 (0) 1624 692 600
Gulf Investment Fund plc
Ian Dungate/Suzanne Jones +44 (0) 1624 692 600
Mainstream Fund Services (IOM) Limited
Sapna Shah/Alex Collins/Atholl Tweedie +44 (0) 20 7886 2500
Panmure Gordon
William Clutterbuck +44 (0) 7785 292 617
Maitland/AMO
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