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 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).
|
83,254,087
|
99.31
|
578,697
|
0.69
|
83,832,784
|
27.83
|
243,155
|
|
That the Company authorise the
Directors to capitalise from time to time any 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.
|
83,305,674
|
99.32
|
571,700
|
0.68
|
83,877,374
|
27.84
|
198,565
|
|
That the Company authorises the
Directors to allot and issue B shares from 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.
|
83,257,688
|
99.32
|
573,045
|
0.68
|
83,830,733
|
27.83
|
245,206
|
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 credited with funds, in each
case in respect of the first Return of Capital
|
by 10
July
|
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
|
