REG - Asia Dragon Trust - Results of Scheme Elections

Asia Dragon TrustAnnouncement

11/02/2025 11:30

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RNS Number : 7108W  Asia Dragon Trust PLC  11 February 2025

11 February 2025

 

Asia Dragon Trust plc

 

Legal Entity Identifier: 549300W4KB0D75D1N730

 

Results of Elections

 

 

The Board of Asia Dragon Trust plc (the "Company") announces that, in
connection with the proposed combination with Invesco Asia Trust plc, to be
implemented by way of a scheme of reconstruction and members' voluntary
winding up of the Company under section 110 of the Insolvency Act (the
"Scheme"), the Board is pleased to announce the following elections in
connection with the Scheme:

 

·    Rollover Option: 48,311,615 shares/ 30.92 per cent. of issued Shares

·    Cash Option: 107,913,668 shares/ 69.08 per cent. of issued Shares

 

The Cash Option, which is limited to 25 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 IAT Shares on a pro rata
basis. Excess Applications will be satisfied to the extent of approximately
10.07 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, 75 per cent. of the
Company's Shares will rollover into new IAT Shares, with the balance receiving
the Cash Option. Therefore, the Shares will be reclassified as follows:

 

·    117,168,963 Shares with "A" rights, being the right to receive new
IAT Shares; and

·    39,056,320 Shares with "B" rights, being the right to receive cash.

 

The listing of the Company's Reclassified Shares is expected to be suspended
at 7.30 am, on 13 February 2025.

 

Defined terms used in this announcement have the meanings given in the
Company's circular to Shareholders dated 18 December 2024 (the "Circular"),
unless the context otherwise requires.

 

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

 

For further information please contact:

 Asia Dragon Trust plc           Contact via Winterflood

 James Will

 Winterflood Securities Limited  +44 (0) 20 3100 0000

 Neil Langford

 Sophia Bechev

 

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