The fund in brief
PME's investment objective was to achieve significant total return to investors through investing in infrastructure projects and related opportunities across a range of countries in sub-Saharan Africa. The main investment focus lay within existing or greenfield projects in Angola, Botswana, the Democratic Republic of Congo, Ethiopia, Ghana, Mozambique, Nigeria, Rwanda, South Africa, Tanzania, Uganda and Zambia.
PME's mandate allowed it to invest in the transportation, telecommunications, energy, water and sanitation, and infrastructure-related real estate sectors. Where appropriate, it may have engaged in public-private partnerships.
PME floated on the Alternative Investment Market (AIM) on 12 July 2007, raising US$180.45 million (before expenses) through a placing of shares (ticker: PMEA) and warrants (ticker: PMEW).
On the 8th May 2012, the Board announced its intention to realise the Company's remaining assets, return capital to Shareholders and, eventually, wind up the Company. At the AGM of the Company on 19th October 2012, the return of capital to shareholders of the Company by means of one or more tender offers for shares was approved. At the same meeting, the Company's investment policy was amended to the following:
The directors of the Company will seek to realise the remaining assets of the Company at a time and under such conditions as the directors may determine in order to maximise value on behalf of the shareholders of the Company and to return both existing cash reserves and the proceeds of realisation of the remaining assets to shareholders.