Gowling WLG's investment funds team acted for Aberdeen Frontier Markets Investment Company Limited ("Aberdeen Frontiers") on a restructuring of the £130 million AIM listed investment fund.

The transaction involved the adoption of a new investment objective and investment policy, amendments to its investment management arrangements with its investment fund manager, Aberdeen Fund Managers Limited ("Aberdeen") (to include a subscription for ordinary shares by Aberdeen) and a tender offer by Numis Securities Limited ("Numis"), on behalf of Aberdeen Frontiers, to purchase up to 100 per cent of the ordinary shares in issue.

Nick Heather of Gowling WLG's market leading investment funds team that advised Aberdeen Frontiers commented: "The transaction demonstrated the considerable commitment of Aberdeen to Frontier markets investment. It made a number of concessions in terms of the investment management arrangements and has invested £10 million of its own money in Aberdeen Frontiers and has hopefully secured the future of Aberdeen Frontiers as a platform for investment into Frontier Markets".

Gowling WLG's leading Investment Funds team has a strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to Investment Fund clients.