Advance Developing Markets Fund has commented on the recent announcement by City of London Investment Management Company.

As referred to in the circular to shareholders published earlier this month, the proposals put forward by the Board were made after an extensive consultation exercise covering shareholders owning more than 75% of the company's issued shares.

While a wide range of views were expressed by shareholders, it was clear that the majority of those consulted were in favour of continuation of the company and its focus on a portfolio of funds and products which give diversified exposure to emerging market economies.

The Board's obligations are to take into account the views of all shareholders and put forward proposals which it believes will secure majority support. Accordingly, proposals were announced in December and formal details are contained in the recent circular.

It remains the Board's view that the company is well placed to exploit the long term opportunity in emerging markets.

At 12:48pm: (LON:ADMF) share price was +2.5p at 487.5p