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15 Jan 2019 | 14:03

Africa Opportunity Fund to book $0.6m loss after Shoprite arbitration

Africa Opportunity Fund said it expected to book a loss of around $0.6m with regards to a case involving purchases of shares in Shoprite Holdings.

An appeal panel concluded earlier this month that the company did not obtain good title to 679,145 shares of Shoprite that it purchased and was therefore not entitled to dividends that had accrued.

The estimated loss equated to a reduction in the company's net asset value per share of around $0.007.

The most recently-released weekly NAV estimate for the shares was $0.686 per share as at close of business on 4 January.

'Despite the board's concerns about the appeal panel's award it has decided the company must move on,' African Opportunity Fund said.

At 2:03pm: (LON:AOF) Africa Opportunity Fund share price was 0p at 0.59p

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