Ashoka Whiteoak Emerging Markets Trust PLC

Share Issue/Capital Change • Apr 28, 2023

National Storage Mechanism | Additional information

RNS Number : 9260X

Ashoka WhiteOak Emerging Mkts Tst.

28 April 2023

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO INDIA, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS ANNOUNCEMENT.

28 April 2023

LEI: 254900Z4X5Y7NTODRI75

Ashoka WhiteOak Emerging Markets Trust plc

(the 'Company' or 'AWEM')

Result of Initial Public Offering

Ashoka WhiteOak Emerging Markets Trust plc, a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets, is pleased to announce that it has successfully raised gross proceeds of £30.5 million through the IPO of its Ordinary Shares as described in the prospectus published by the Company on 18 April 2023 (the "Prospectus").

AWEM is the first premium listed IPO in the investment companies space since November 2021 and the first listed equities-focused investment trust launched since 2018.

Martin Shenfield, Non-Executive Chairman of Ashoka WhiteOak Emerging Markets Trust plc, said:

"The investment companies IPO market has been dormant since late 2021 and as such we are pleased to introduce the first listed equities-focused investment trust in almost five years to the premium segment of the main market of the London Stock Exchange. We believe this was only achievable with a world class Investment Adviser in WhiteOak, in addition to AWEM's innovative and shareholder friendly fee structure and differentiated investment approach. The Board looks forward to working constructively with the WhiteOak team to deliver returns to our shareholders and materially scaling the Company."

Prashant Khemka, Founder of the Investment Adviser, commented:

"Emerging Markets currently provide a compelling entry point for an actively managed equities strategy, with generally lower inflation, lower debt levels and higher growth rates versus Developed Markets. AWEM is our second London-listed investment company and we are grateful for the support from investors for whom we have already delivered strong returns in Ashoka India Equity Investment Trust, in addition to those shareholders we have met for the first time with AWEM. We are excited to launch AWEM on the London Stock Exchange and apply our track record of alpha generation to it. We would like to thank the participating shareholders and look forward to updating them in due course."

Application for Admission

Application has been made for the admission of 30,532,279 Ordinary Shares to the Premium Segment of the Official List and trading on the Main Market of the London Stock Exchange plc ('Admission'). It is expected that Admission will become effective and unconditional dealings in the Ordinary Shares will commence at 8.00 a.m. (London time) on 3 May 2023.

The total number of Ordinary Shares with voting rights in issue immediately following Admission will be 30,532,279 Ordinary Shares.

The Ordinary Shares will trade under the ticker AWEM (ISIN: GB00BMZR7D19).

Ellora Partners Limited is acting as Global Coordinator, Sole Bookrunner, and Intermediaries Offer Adviser to the Company.

Terms not otherwise defined in this announcement have the meanings given to them in the Prospectus.

For further information:

WhiteOak Capital Partners Pte Ltd.

Prashant Khemka	Via Buchanan
Fadrique Balmaseda
Ben Hayward

Ellora Partners

Mark Thompson	+44 (0) 20 7016 6711
Eddie Nissen	+44 (0) 20 7016 6713
Oliver Kenyon	+44 (0) 20 7016 6704

Buchanan

Henry Harrison-Topham	+44 (0) 20 7466 5000
Henry Wilson	AWEM@buchanan.uk.com
George Beale

DISCLAIMER

This announcement does not constitute a prospectus and investors must subscribe for or purchase any shares referred to in this announcement only on the basis of information contained in the Prospectus published by the Company (and in any supplementary prospectus) and not in reliance on this announcement. Investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Ordinary Shares. Approval of the Prospectus by the Financial Conduct Authority should not be understood as an endorsement of the Ordinary Shares. Copies of the Prospectus may, subject to any applicable law, be obtained from the registered office of the Company and are available for viewing at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website, www.awemtrust.com. This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase investments of any description, a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.

Ellora Partners Limited is acting exclusively for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client in relation thereto, and will not be responsible for providing the regulatory protection afforded to its clients, nor for providing advice to any other person in relation to the matters contained herein.

The shares of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended) (the 'Securities Act') or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold into or within the United States absent registration, except pursuant to an applicable exemption from, or in a transaction that is not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any relevant state or other jurisdiction of the United States. Moreover, the shares of the Company have not been, nor will they be, registered under the applicable securities laws of India, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. Further, the Company is not, and will not be, registered under the U.S. Investment Company Act of 1940, as amended. The shares of the Company will be offered outside of the United States pursuant to the provisions of Regulation S of the Securities Act. Subject to certain exceptions, the shares of the Company may not be offered or sold in India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA or to, or for the account or benefit of, any national, resident or citizen of India, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. The Initial Issue and any Subsequent Placing under the Placing Programme, and the distribution of this announcement, in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Figures refer to past performance and past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, strategy, plans, proposed acquisitions and objectives, are forward-looking statements.

Forward-looking statements are subject to risks and uncertainties and, accordingly, the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the Prospectus. These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. The Company, the Investment Adviser and Ellora Partners Limited expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the UK Prospectus Regulation, the Prospectus Regulation Rules of the Financial Conduct Authority, the UK Market Abuse Regulation or other applicable laws, regulations or rules.

None of the Company, the Investment Adviser or Ellora Partners Limited, or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, the Investment Adviser, Ellora Partners Limited and their respective affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.

INFORMATION TO DISTRIBUTORS

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ('MiFID II'); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the 'MiFID II Product Governance Requirements'), and disclaiming all and any liability whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that such securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the 'Target Market Assessment').

Notwithstanding the Target Market Assessment, distributors (such term to have the same meaning as in the MiFID II Product Governance Requirements) should note that: the market price of the Ordinary Shares may decline and investors could lose all or part of their investment; the Ordinary Shares offer no guaranteed income and no capital protection; and an investment in the Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Issue.  Furthermore, it is noted that, notwithstanding the Target Market Assessment, Ellora Partners Limited will only procure investors (pursuant to the Initial Placing and any Subsequent Placing under the Placing Programme) who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ordinary Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the Ordinary Shares and determining appropriate distribution channels.

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