Advance Developing Markets Fund is to launch a tender offer for up to 10% of the company's shares.

Shareholders approved proposals for two conditional tender offers in respect of the six month periods ending 31 October 2013 and 30 April 2014 at an extraordinary general meeting on 15 March.

Conditional tender offers would be made for up to 10% of the ordinary shares in issue at a 1% discount to formula asset value, being the net asset value of the tendered shares less the costs and expenses of the tender offer, if either (i) the company's ordinary shares trade at an average discount of more than 10% over the period from 1 May 2013 to 31 October 2013 and 1 November 2013 to 30 April 2014 or (ii) the company's performance over those periods, as measured by its net asset value total return, is less than that of the MSCI Emerging Markets Net Total Return Index in sterling terms. The company says that in the measurement period ended 30 April, its ordinary shares traded at an average discount of 11.0% and the company's performance over the same period, as measured by its net asset value total return, was 0.2% below that of the MSCI Emerging Markets Net Total Return Index in sterling terms. Consequently, the board will be implementing a tender offer for up to 10% of the company's shares in issue at a 1% discount to FAV. The board intends to send a circular to shareholders in due course providing further details of the terms and conditions of the tender offer.

The record date for participation in the tender offer will be 7 May.




At 8:35am: (LON:ADMF) Advance Developing Markets Fd Ltd share price was +1.88p at 406.38p