NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
17 December 2024
abrdn
Property Income Trust Limited
(a
non-cellular company limited by shares incorporated in Guernsey
with registration number 41352)
LEI
Number: 549300HHFBWZRKC7RW84
Results
of General Meeting held on 17 December
2024, Interim Distribution to Shareholders and Board
Changes
On
3 December 2024, abrdn Property
Income Trust Limited ("API"
or the "Company")
announced that a
circular ("Circular")
to convene a general meeting of API Shareholders (the
"General
Meeting")
had been published and sent to Shareholders to allow them to
consider and, if thought fit, approve amendments to API's Articles
of Incorporation (the "Articles")
to return capital to Shareholders and put in place a mechanism to
implement a future voluntary winding up of the
Company.
API announces the result of the General Meeting of the Company held
today. Shareholders who together represented a majority of the API
Shares voted at the General Meeting voted to approve the special
resolution to amend API's Articles. Consequently, the Board will
proceed with a return of capital to Shareholders and, at the
appropriate time after giving notice to Shareholders, implement a
future voluntary winding-up of the Company.
Voting
results of the General Meeting
The table
below sets out the results of the vote at the General
Meeting:
|
|
Number of
API Shares voted ***
|
% of API
Shares voted*
|
|
For
|
125,067,774
|
99.54
|
|
Against
|
583,550
|
0.46
|
|
Withheld**
|
219,230
|
-
|
|
Total
|
125,870,554
|
100
|
*
All
percentages rounded to two decimal places
**
A vote
withheld is not a vote in law and is not counted in the calculation
of the proportion of votes `For' or `Against' the ordinary
resolution.
***
Includes
discretionary votes.
Capitalised
terms in this announcement, unless otherwise defined, have the same
meanings as set out in the Circular.
Return
of Capital and Interim PID
The Company confirms that it will proceed with the initial issue of
Redeemable Bonus Shares as set out in the Circular and on the
expected timetable set out below. Each Shareholder on the register
at the Record Time will be issued with one Redeemable Bonus Share
for each API Share they hold, which will then immediately redeemed
for 52 pence per Redeemable Bonus
Share (returning aggregate proceeds of £198.23 million to
Shareholders).
The Company has also declared a separate PID income distribution of
3 pence per API Share (gross of any
tax adjustments; an aggregate £11.44 million) (the
"Interim
PID")
expected to be paid as set out below.
The expected timetable of events is as follows:
|
Ex-dividend
date for first issue of Redeemable Bonus Shares
|
17
December 2024
|
|
Record
time for entitlement to first issue of Redeemable Bonus Shares
("Record
Time")
|
6.00 p.m.
on 18 December 2024
|
|
Redeemable
Bonus Shares issued equal to the number of API Shares held at the
Record Time
|
19
December 2024
|
|
Expected
redemption and cancellation of Redeemable Bonus Shares
|
19
December 2024
|
|
Ex-dividend
date for Interim PID
Record
time for entitlement to Interim PID
|
19
December 2024
6.00 p.m.
on 20 December 2024
|
|
Despatch
of payments and CREST accounts credited in respect of proceeds of
Redeemable Bonus Shares redeemed on 19 December 2024
|
By 24
December 2024
|
|
Despatch
of payments and CREST accounts credited in respect of Interim
PID
|
By 10
January 2025
|
Board
Changes
The Company also confirms that, as previously indicated,
James Clifton-Brown, Jill May and Sarah
Slater will stand down from the Board on 31 December 2024. The Board thanks each of them
for their significant contributions and for their considerable time
and attention given to the Company.
Effective from 1 January 2025,
Michael Balfour will be appointed
Chairman of the Company. Michael
Bane will assume the role of Senior Independent Director and
will become Chair of the Company's Audit Committee. The Board is
assessing the role of the various Board committees in light of the
Company's position and its progression towards Voluntary
Winding-Up.
Voluntary Winding-Up
At an appropriate time, the Board will place the Company into
Voluntary Winding-Up. Timing of this step will depend on a number
of factors which are set out in the Circular.
The Company will give appropriate notice prior to entering into
Voluntary Winding-Up and provide an outline timetable via a
Regulatory Information Service. Trading in
API Shares will be suspended when the Company enters into Voluntary
Winding-Up and Shareholders will be unable to sell or transfer
their API Shares from that time.
Enquiries
abrdn Property Income Trust
James Clifton-Brown
(Chair) via
Winterflood
Jason Baggaley (Fund
Manager) +44
7801 039 463
Winterflood (Corporate Broker to API)
Neil Langford +44
20 3100 0160
Important notices
Winterflood Securities Limited ("Winterflood"),
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom,
is acting exclusively for API and no-one else in connection with
the matters set out in this document and will not be responsible to
anyone other than API for providing the protections afforded to
customers of Winterflood or for providing advice in relation to the
matters set out in this document. Neither Winterflood nor any of
its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Winterflood in connection with this document, any
statement contained herein or otherwise.