REG - abrdn New Dawn IT - Result of Elections

Abrdn New Dawn Investment TrustAnnouncement

06/11/2023 10:30

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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 (http://www.newdawn-trust.co.uk) and at the National
Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(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                         +44 (0) 20 7886 2500

 Ashwin Kohli

 Daphne Zhang

 

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.

 

 

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