TIDMABD

RNS Number : 4995S

abrdn New Dawn Invest Trust plc

06 November 2023

6 November 2023

abrdn New Dawn Investment Trust plc

Legal Entity Identifier: 5493002K00AHWEME3J36

Result of Elections

In connection with the proposals for a combination of abrdn New Dawn Investment Trust plc ("ABD" or the "Company") with Asia Dragon Trust plc ("Asia Dragon" or "DGN") by way of a scheme of reconstruction of the Company under Section 110 of the Insolvency Act 1986 (the "Scheme"), the Board of the Company is pleased to announce the following Elections in connection with the Scheme:

Rollover Option: 33,760,686 Shares

Cash Option: 70,645,662 Shares

The Cash Option, which is limited to 25 per cent. of the Shares in issue, was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New DGN Shares on a pro rata basis. Excess Applications will be satisfied to the extent of approximately 10.09 per cent. of the Excess Applications made.

In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option. Excluded Shareholders have been deemed to have elected for their Basic Entitlement in respect of the Cash Option and to receive New DGN Shares for the remainder of their shareholding. Therefore, the Shares will be reclassified as follows:

78,304,761 Shares with "A" rights, being the right to receive New DGN Shares; and

26,101,587 Shares with "B" rights, being the right to receive cash.

The Listing of the Company's Reclassified Shares are expected to be suspended at 7.30 a.m. on 8 November 2023.

Defined terms used in this announcement have the meanings given in the Company's circular to Shareholders dated 22 September 2023 (the "Circular").

The Circular is available for viewing on the Company's website, www.newdawn-trust.co.uk and at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

For further information please contact:

 
 abrdn New Dawn Investment Trust plc    Contact via AFML 
  Donald Workman 
 abrdn Fund Managers Limited 
  Maria Allen                             +44 (0) 20 3680 0305 
  Stephanie Hocking                       +44 (0) 7514 064 988 
 Panmure Gordon (UK) Limited 
  Alex Collins 
  Ashwin Kohli 
  Daphne Zhang                            +44 (0) 20 7886 2500

General

The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the document referred to above, is neither incorporated into nor forms part of the above announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBGBDBXBGDGXL

(END) Dow Jones Newswires

November 06, 2023 05:15 ET (10:15 GMT)

Abrdn New Dawn Investment (LSE:ABD)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Abrdn New Dawn Investment Charts.
Abrdn New Dawn Investment (LSE:ABD)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Abrdn New Dawn Investment Charts.