REG - abrdn Euro Logistics - B Share Scheme First Distribution

abrdn European Logistics IncomeAnnouncement

27/02/2025 07:00

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RNS Number : 6065Y  abrdn European Logistics Income plc  27 February 2025

27 February 2025

LEI: 213800I9IYIKKNRT3G50

 

abrdn European Logistics Income plc

B Share Scheme first distribution

27 February 2025 - abrdn European Logistics Income plc (the "Company" or
"ASLI"), the Company invested in a diversified portfolio of European logistics
real estate now in managed wind-down, announces details of its first capital
distribution under the shareholder approved B Share Scheme.

Introduction

On 24 January 2025, the Company announced that it had concluded the sale of
the freehold of the 12,384 square metre warehouse located in Oss, The
Netherlands, for a consideration of €15.7 million. Following the completion
of the transaction, the Company paid down €9.9 million of the outstanding
€44.2 million debt, which is cross collateralised with Ede and Waddinxveen,
provided by Berlin Hyp.

The Company also announced the sale of two assets located in Spain concluded
in January for an aggregate consideration of €29.7 million. Of the net
proceeds from the sale of these two Spanish properties, €17.7 million was
applied in paying down a portion of the €51 million ING Bank secured debt,
which is cross collateralised with Gavilanes, Madrid, Unit 4 and occupied by
Amazon, reducing the Company's gearing further to €218 million with an
all-in interest rate of 1.93%.

Following these disposals, the repayment of debt and the movement of funds up
to the parent from SPVs, the Board has resolved to make a first capital
distribution to Shareholders under the shareholder approved B Share Scheme of
the net sales proceeds now available totalling approximately £16.5 million.

Approved B Share Scheme

B Shares will be allotted and issued to Shareholders pro rata to their
holdings of Ordinary Shares as at the record date for the issue of the B
Shares. The Company will not allot or issue any fractions of B Shares and
entitlements of each Shareholder will be rounded down to the nearest whole B
Share. The B Shares have only very limited rights. The rights and restrictions
attached to the B Shares are fully set out in Part 3 of the Company's circular
which was issued on 6 November 2024. Shareholders can find full details on the
Company's website at www.abrdn.com/en-gb/asli
(http://www.abrdn.com/en-gb/asli) under the Literature section.

No share certificates will be issued for any B Shares allotted and no CREST
accounts will be credited with any such shares. No application will be made
for the B Shares to be admitted to listing on the Official List or to trading
on the London Stock Exchange's main market for listed securities and the B
Shares will not be listed or admitted to trading on any other recognised
investment exchange.

B Shares will be issued and redeemed by the Company's registrar, Equiniti.
Each redemption of B Shares will be undertaken at the option of the Company.
It is expected that redemption will occur shortly after each date of issue and
allotment of B Shares, when all of the B Shares then in issue will be
compulsorily redeemed and cancelled in accordance with their terms for an
amount not exceeding the amount treated as paid up on the B Shares.

Following the redemption and cancellation of the B Shares, the redemption
proceeds will be sent to Shareholders either through CREST to uncertificated
Shareholders or via cheque to certificated Shareholders.

Initial B Share Scheme Distribution

Pursuant to the authority received from Shareholders at the general meeting
held on 22 November 2024, the Board has resolved to return approximately
£16.5 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 special
distributable reserve, created by the recent cancellation of the share premium
account, and issued to all Shareholders by way of a bonus issue on the basis
of 4 B Shares for every 1 Ordinary Share held at the Record Date of 6.00 p.m.
on 6 March 2025. The ex date is 5 March 2025.

The B Shares will be issued on 7 March 2025 and immediately redeemed at one
penny per B Share. The Redemption Date in respect of this B Share issue is
therefore 7 March 2025. The proceeds from the redemption of the B Shares,
which is equivalent to 4 pence per Ordinary Share, will be sent to
uncertificated Shareholders through CREST or via cheque to certificated
Shareholders.

NOTE: NO SHARE CERTIFICATES WILL BE ISSUED IN RESPECT OF B SHARES

 

Timetable for the Initial Return of Capital

It is expected that the timetable will be as follows:

 
2025

 Ex Date in respect of the Initial Return of Capital                             5 March
 Record Date in respect of the Initial Return of Capital                         6 p.m. on 6 March
 Issue and allotment of B Shares in respect of the Initial Return of Capital     7 March
 Redemption Date in respect of the Initial Return of Capital                     7 March
 Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders        20 March
 credited with funds, in each case in respect of the Initial Return of Capital

 

Defined terms used in this announcement have the meanings given in the
Circular published by the Company on 6 November 2024 which may be found on the
Company's website unless the context otherwise requires.

 

 Enquiries:

abrdn Fund Managers Limited
 

Ben
Heatley
                    +44 (0) 20 7156 2382

Investec Bank
plc
                +44 (0) 20 7597 4000

David Yovichic

Denis Flanagan

FTI
Consulting
+44 (0) 20 3727 1000

Dido Laurimore

Richard Gotla

Oliver Parsons

 

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