REG - abrdn Diversfd. I&G - Result of General Meeting

abrdn Diversified Income and GrowthAnnouncement

03/07/2024 17:30

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RNS Number : 0543V  abrdn Diversified Income and Growth  03 July 2024

3 July
2024

 

ABRDN DIVERSIFIED INCOME AND GROWTH PLC

 

Legal Entity Identifier: 2138003QINEGCHYGW702

 

Result of General Meeting, implementation of B Share Scheme and timetable for
the Initial Return of Capital

 

The Board of abrdn Diversified Income and Growth plc (the "Company") is
pleased to announce that, at the General Meeting of the Company held earlier
today, all of the proposed resolutions were approved by Shareholders. As a
result, the Board is pleased to be able to implement a B Share Scheme through
which an initial distribution to Shareholders of approximately £115 million
equivalent to 38 pence per Ordinary Share and approximately 35.4 per cent of
the Company's Net Asset Value as at 31 May 2024 (being the latest published
Net Asset Value prior to the publication of the Circular), will be made by way
of the issue and redemption of B Shares.

 

Details of the number of proxy votes cast for, against and withheld in respect
of the resolutions, which were voted on by way of poll, are set out below and
will also be published on the Company's website:
https://www.abrdndiversified.co.uk.

 

 Resolution                                                                      Votes For (including Discretionary)  %      Votes Against  %     Votes Total  % Issued Share Capital  Votes Withheld
 That the Company adopt New Articles of Association which incorporate the        83,254,087                           99.31  578,697        0.69  83,832,784   27.83                   243,155
 rights and restrictions to be attached to the B Shares together with a
 mechanism to allow the Directors to capitalise reserves from time to time for
 the purposes of the B Share Scheme (as defined in the Circular).
 That the Company authorise the Directors to capitalise from time to time any    83,305,674                           99.32  571,700        0.68  83,877,374   27.84                   198,565
 sums standing to the credit of any reserve of the Company (including, in
 particular, the Company's special reserve) and to apply such sums for the
 purposes of paying up in full up to 40,000,000,000 B shares.
 That the Company authorises the Directors to allot and issue B shares from      83,257,688                           99.32  573,045        0.68  83,830,733   27.83                   245,206
 time to time up to an aggregate nominal amount of £400,000,000 on a pro rata
 basis to the holders of ordinary shares by way of one or more bonus issues.

 

The full text of the resolutions can be found in the notice of General Meeting
contained in the Company's circular to Shareholders dated 17 June 2024 (the
"Circular"). The Circular is available for viewing at the National Storage
Mechanism which can be located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism  and on the Company's
website at https://www.abrdndiversified.co.uk.

 

The B Share Scheme

Pursuant to the authority received from Shareholders at the General Meeting,
the Board has resolved to return approximately £115 million in aggregate to
Shareholders via an issue of B Shares.

 

B Shares of one penny each will be paid up from the Company's reserves and
issued to all Shareholders by way of a bonus issue on the basis of 800 B
Shares for every 21 Ordinary Shares held at the Record Date of 6.00 p.m. on 4
July 2024. The B Shares will be issued on 5 July 2024 and immediately redeemed
at one penny per B Share. The Redemption Date in respect of this B Share issue
is 5 July 2024. The proceeds from the redemption of the B Shares, which is
equivalent to 38 pence per Ordinary Share, will be sent to uncertificated
Shareholders through CREST or via cheque or electronic payment to certificated
Shareholders. The Initial Return of Capital represents approximately 35.4 per
cent. of the Company's Net Asset Value as at 31 May 2024, being the latest
published Net Asset Value prior to the publication of the Circular.

 

Timetable for the Initial Return of Capital

 

It is expected that the timetable will be as follows:

 2024

 Ex Date in respect of the Initial Return of Capital                           3 July
 Record Date in respect of Initial Return of Capital                           6.00 p.m. on 4 July
 Issue and allotment of B Shares in respect of the Initial Return of Capital   5 July
 Redemption Date in respect of Initial Return of Capital                       5 July
 Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders      by 10 July
 credited with funds, in each case in respect of the first Return of Capital

 

 

Defined terms used in this announcement have the meanings given in the
Circular published by the Company on 17 June 2024 unless the context otherwise
requires.

 

 Enquiries:
 abrdn Diversified Income and Growth plc
 Davina Walter (Chairman)                           via Buchanan
 Dickson Minto Advisers
 Douglas Armstrong                                  +44 (0)20 7649 6823
 Buchanan
 Helen Tarbet / Henry Wilson                        +44 (0)20 7466 5000
 George Beale / Verity Parker                       ADIG@buchanancomms.co.uk

 

 

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