NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE
PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO.
596/2014), AS IT FORMS PART OF THE UNITED
KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED.
Fidelity Emerging Markets Limited (the
'Company')
Legal Entity Identifier: 213800HWWQPUJ4K1GS84
Discount
Control Policy – Announcement of tender offer
The Board
of Directors is mindful that the Company’s shares have traded at a
discount to NAV for some time, and frequently deliberates
appropriate discount control mechanisms to address the imbalance
between the demand and supply of the Company’s shares. In
recognition of this, on 13 November
2023, the Company implemented a share buyback programme to
repurchase up to 14.99% of issued share capital, subject to
authority for such repurchases being renewed at the Annual General
Meeting on 7 December 2023. The Board
intends to continue using its buyback programme to address the
discount to NAV with the ambition that it may ultimately be
maintained in single digits in normal market conditions on a
sustainable basis.
In
addition, and in recognition of the imbalance between demand and
supply of the shares, the Board has decided to undertake a tender
offer for up to 15% of issued share capital to be announced in Q1
2024 to support the share buyback programme. The pricing of the
tender offer is expected to be at the prevailing NAV per share less
2 per cent. The tender offer will be subject to shareholder
approval, which will be sought at a general meeting of the Company.
Further details of the structure and timing of the tender offer and
associated general meeting will be announced in due
course.
For
further information, please contact:
George
Bayer
Fidelity
International
george.bayer@fil.com
+44 (0)20
7961 4240
|
|
Gaudi Le
Roux
Jefferies
International Limited
gleroux@jefferies.com
+44
(0)20 7548 4060
+44
(0)79 7772 0950
|
|
Rupert
Budge
J.P.
Morgan Cazenove
+44 207
134 7837
M: +44 747
591 6106
rupert.budge@jpmorgan.com
|
|
This
announcement or any part of it does not constitute or form part of
any offer to issue or sell, or the solicitation of an offer to
acquire, purchase or subscribe for, any securities in the United States, Canada, Australia, Japan or South
Africa or any other jurisdiction in which the same would be
unlawful.
The making
of a tender offer in, or to persons who are citizens or nationals
of, or resident in, jurisdictions outside the United Kingdom or to custodians, nominees or
trustees for citizens, nationals or residents of jurisdictions
outside the United Kingdom may be
prohibited or affected by the laws of the relevant overseas
jurisdiction.
This
announcement includes statements that are, or may be deemed to be,
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties, many of which
are beyond our control and all of which are based on the Directors'
current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as "believe", "expect", "may",
"will", "would", "could", "should", "shall", "risk", "intend",
"estimate", "aim", "plan", "predict", "continue", "assume",
"positioned", "anticipate", "hope" or "target" or the negative
thereof, other variations thereon or comparable terminology. These
forward-looking statements include all matters that are not
historical facts. These forward-looking statements and other
statements contained in this announcement regarding matters that
are not historical facts involve predictions and by their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances. No assurance can be
given that such future results will be achieved; actual events or
results may differ materially as a result of risks and
uncertainties we face. Such risks and uncertainties could cause
actual results to vary materially from the future results
indicated, expressed, or implied in such forward-looking
statements. The Company and the Directors expressly disclaim any
obligation or undertaking to update these forward-looking
statements contained in the document to reflect any change in their
expectations or any change in events, conditions, or circumstances
on which such statements are based unless required to do so by
applicable law, the Prospectus Regulation Rules, the Listing Rules,
or the Disclosure Guidance and Transparency Rules of the FCA or
Regulation (EU) 596/2014, which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended from time to
time.
No
statement in this announcement or incorporated by reference into
this announcement is intended to constitute a profit forecast or
profit estimate for any period, nor should any statement be
interpreted to mean that earnings or earnings per share will
necessarily be greater or less than those for the preceding
financial periods of the Company.