Announcement of proposals leading up to shareholder continuation vote
15 Septembre 2011 - 6:00PM
UK Regulatory
TIDMPRDF
15 September 2011
Prosperity Russia Domestic Fund Limited ("PRDF" or the "Fund")
Announcement of proposals leading up to shareholder continuation vote
The Board of PRDF wishes to announce proposals leading up to the shareholder
continuation vote to be held by no later than February 2012.
The Board and Prosperity Capital Management, the investment manager, continue to
believe that PRDF is well positioned to benefit from investing in a portfolio of
carefully selected investments in the Russian domestic sector over the longer
term, despite recent extreme volatility in the international and Russian
markets. Our view is based in particular on our belief that the Russian domestic
economy is likely to continue to offer attractive opportunities for growth
combined with generally low financial leverage.
Your Board has been concerned for some time about the discount which has existed
between PRDF's net asset value per share and the share price. Further, the
improving liquidity of the Fund's holdings would permit a fund structure which
maximises liquidity for investors. Accordingly the Board, together with
Prosperity Capital Management, intend to propose that the Fund is converted to
an open-ended structure. It is anticipated that subscriptions and redemptions
on an ongoing basis would be structured to balance liquidity requirements with
the interests of shareholders as a whole in PRDF's investment portfolio. These
measures would address the discount to net asset value and improve overall
liquidity in the Fund's shares. The Board is also considering a listing for the
Fund on an alternative market which may be attractive to certain investors.
The Board, its advisers and Prosperity Capital Management are now preparing the
necessary steps to be taken, ahead of sending full details of the proposals to
shareholders. A further announcement in this regard will be made in due course,
but it is intended to hold a shareholder vote in relation to the proposals by no
later than December 2011, with implementation occurring by no later than the
first quarter of 2012 (subject to meeting relevant regulatory and legal
requirements).
The Board and Prosperity Capital Management appreciate shareholder comments
received to date and welcome further comments as the proposals are formulated.
Enquiries:
Prosperity Capital Management (UK) Limited
Elly Wordsworth / Leon Santos
Tel: 020 7299 6950
Kleinwort Benson (Channel Islands) Fund Services Limited
Company Secretary
Tel: 01481 727111
KPMG Corporate Finance (Nominated Adviser)
Tom Franks
Tel: 020 7311 1000
KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated
by the Financial Services Authority for investment business activities, is
acting for PRDF as nominated adviser in relation to the matters set out in
this announcement and is not acting for any other person in relation to
these matters. KPMG Corporate Finance will not be responsible to anyone other
than PRDF for providing the protections afforded to its clients or for providing
advice in relation to the contents of this announcement.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosperity Russia Domestic Fund Limited via Thomson Reuters ONE
[HUG#1546965]
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