7 December 2018
Africa Opportunity Fund Limited (the “Company”)
Monthly Estimate
Net Asset Value – Ordinary Shares
Africa Opportunity Fund Limited (SFS: AOF) announces that as at close of business on 30 November 2018, its estimated net asset value per ordinary share was US$0.70. The decline from $0.782 on 23 November to US$0.70 is due to a change in the valuation criteria for the investments of AOF listed on the Zimbabwe Stock Exchange. In the absence of that change, AOF’s net asset value on 30 November 2018 would have been $0.780. The AOF board took note of rising economic uncertainties, and signs of sovereign stress, in Zimbabwe, especially since October 2018, manifest, for example, in lengthening queues for foreign exchange remittances, and a heightened volatility in share prices. It decided to apply a transparent discount factor to the market values of its listed Zimbabwean holdings, otherwise known as the Old Mutual Implied Rate. That rate is the ratio of 1 ordinary share of Old Mutual listed on the Zimbabwe Stock Exchange to the US Dollar price of 1 ordinary share of Old Mutual listed on the London Stock Exchange on the same day.
Africa Opportunity Fund Limited
Francis Daniels Tel: +2711 684 1528
Liberum (Corporate Broker)
Gillian Martin
Christopher Britton Tel: +44 20 3100 2000
Corporate / Company Communications
Should shareholders have any queries concerning the activities of the Company, these should be directed to Gillian Martin or Owen Matthews at Liberum Capital Limited (the Company’s Corporate Broker) at the number listed above.
For more information about AOF, see www.africaopportunityfund.com
Prior to its release, this announcement contained inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.