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Karachi: On behalf of our client, Ashmore Global Special Situations Fund 5, L.P. and / or other managed or advised by ashmore Investment Management Limited, we Next Capital Limited, as ‘Managers to the Offer, would like to inform you that our client has decided to withdraw its intention to acquire 79.87% shares and control of Agritech Limited (AGL) due to lapse of time to finalize negotiations and to make the ‘Public Offer to Acquire’ as required under section 8(1) and section 17(1) of ‘Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations, 2008’. For your reference, we have included with this letter a copy of the ‘Public Announcement of Withdrawal of Intention’ to acquire the above captioned shares which will be published in the newspapers in the following days.
Public Announcement of Withdrawal of Intention to Acquire Up to 79.87% shares and Control of Agritech Limited by Ashmore Global Special Situations Fund 5, L.P. and/or Other Funds Managed Or Advised by Ashmore Investment Management Limited As Required Under Listed Companies (Substantial Acquisition of Voting Shares and Take-Avers) Ordinance, 2002
Due to a lapse in the time period to finalize negotiations and make the ‘Public offer to Acquire’ as required under section 8(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance, 2002, the Acquirer, Ashmore Global Special Situations Fund 5, L.P. and/or other funds managed or advised by Ashmore Investment Management Limited (herein collectively referred to as “Ashmore”), hereby withdraws its intention to acquire 79.87% shares and control of Agritech Limited as previously disclosed in its ‘Public Announcement of Intention to Acquire’ the above captioned shares on December 14, 2010.
Ashmore reserves the right to make a subsequent ‘Intention to Acquire’ in the future if it deems fit to resume negotiations with the shareholders of Agritech Limited.
For more information, contact:
Next Capital Limited
8th Floor Horizon tower,
Plot # 2/6, Block III, Clifton,
Karachi, Pakistan
UAN: 92-21-111-639-825
Fax: 92-21-35292621
Web: www.nextcapital.com.pk