REG - abrdn China Inv.Co. - Result of Elections

abrdn China InvestmentAnnouncement

08/03/2024 14:45

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RNS Number : 2090G  abrdn China Investment Company Ltd.  08 March 2024

8 March 2024

ABRDN CHINA INVESTMENT COMPANY LIMITED

LEI: 213800RIA1NX8DP4P938

Result of Elections

 

In connection with the proposals for a combination of the assets of abrdn
China Investment Company Limited (the "Company") with Fidelity China Special
Situations plc ("FCSS") to be effected by way of a Guernsey scheme of
reconstruction and winding up of the Company (the "Scheme"), the Company is
pleased to announce that the following elections (including deemed elections)
have been received in connection with the Scheme:

 

·      Rollover Option: 5,046,222 Shares

·      Cash Option: 37,606,087 Shares

 

The Cash Option, which is limited to 33 per cent. of the Shares in issue, less
treasury shares, 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 FCSS Shares on a pro rata
basis. Excess Applications will be satisfied to the extent of approximately
5.615723 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.

 

Accordingly, after scaling back Excess Applications, 67.0 per cent. of the
Company's Shares will rollover into New FCSS Shares, with the balance
receiving the Cash Option.

 

Therefore, the Shares will be reclassified as follows:

 

·      28,577,048 Shares with "A" rights, being the right to receive New
FCSS Shares; and

·      14,075,261 Shares with "B" rights, being the right to receive
cash.

 

The amendment to the listing of the Shares into Reclassified Shares has been
requested and is expected to take effect at 8:00 a.m. on 12 March 2024, and
the listing of the Reclassified Shares is subsequently expected to be
suspended from 7:30 am on 13 March 2024.

 

Capitalised terms used but not defined in this announcement will have the same
meaning as set out in the Circular dated 16 February 2024.

 

ENQUIRIES

 

 abrdn Holdings Limited, Company Secretary           +44 131 372 9375
 Paul Evitt (Company Secretary)

Evan Bruce-Gardyne (Client Director)
 Link Registrars, Receiving Agent                     +44 371 664 0321
 Shore Capital, Financial Adviser and Broker         +44 20 7408 4090

Rose Ramsden, Angus Murphy (Corporate Advisory)

Henry Willcocks, Fiona Conroy (Corporate Broking)

 

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