Scot.National Tst. - Further re Offer
25 August 1998 - 6:23PM
UK Regulatory
RNS No 0879h
SCOTTISH NATIONAL TRUST PLC
25th August 1998
ABERDEEN PREFERRED INCOME TRUST PLC ('ABPREF')
ABERDEEN PREFERRED SECURITIES PLC ('ABPREF SECURITIES')
OFFERS FOR SHARES IN THE SCOTTISH NATIONAL TRUST PLC ('SNT')
AND PLACING
1. FORMULA ASSET VALUE ('FAV')
The FAV for the purpose of the Capital Share Offer has
been calculated at 177.39p per SNT Capital Share. The
resultant terms of the Capital Share Offer are:
For every 100 SNT Capital Shares EITHER 186.2595 units
of 1p nominal
of 8.25 per cent.
Subordinated Unsecured
Loan Stock 2023 of Abpref
('Loan Stock')
OR approximately
79.19 zero dividend
preference shares of 5p
each of Abpref Securities
('ZDP Shares')
OR any combination (at the
acceptor's choice)of
Loan Stock and ZDP
Shares
2. PURCHASE OF SNT SHARES
Since the close of the Offers, the Abpref Group has
purchased 2,000,000 SNT Income Shares and 950,000 SNT
Stepped Preference Shares in exchange for a placing,
out of the Available Securities, of new Abpref Group
Securities on the same basis as the consideration under
the Offers (the 'Purchase')
3. PLACING
The following amounts of new Abpref Group Securities
will be allotted pursuant to the Placing (excluding the
new Abpref Group Securities to be allotted pursuant to
the Purchase):
31,842,250 Ordinary Shares at 160p per share
15,300,000 units of Loan Stock at 100p per unit
9,284,816 ZDP Shares at 224p per share
The Placing of new Abpref Group Securities for cash has
accordingly raised just over #87million before
expenses.
4. CAPITAL, LISTING AND DEALINGS
As a result of the Offers, the Purchase and the
Placing, the issued capital (other than unlisted
capital and Abpref's listed RPI-linked debenture stock)
of Abpref and Abpref Securities will be as follows:
Abpref Abpref Abpref Securities
Ordinary Shares Loan Stock ZDP Shares
Placing and Purchase 33,182,250 15,300,000 10,025,816
Offers 24,209,957 3,990,460 14,629,059
----------- ---------- ----------
57,392,207 19,290,460 24,654,875
Existing issued 60,375,105 - 12,000,000
----------- ---------- -----------
117,767,312 19,290,460 36,654,875
=========== ========== ===========
Listing for the new Abpref Group Securities has been
granted by the London Stock Exchange. It is expected
that listing will become effective and dealings
commence on 27th August 1998 and that definitive
certificates will be despatched and CREST accounts
credited on 3rd September 1998.
5. INCREASE IN TOTAL ASSETS TO #350 MILLION
Total assets of the Abpref Group will have risen from
approximately #140 million to approximately #350million
after expenses as a result of the Offers, the Placing,
the Purchase and new bank borrowings of approximately
#50million.
6. Terms used in this announcement, unless otherwise
defined, bear the same meanings as in the Offer
Document.
Enquiries:
Chris Fishwick, Director,
Aberdeen Asset Managers Limited Tel: 0171 463 6000
David Thomas, Investment Trust Dept.,
Brewin Dolphin Bell Lawrie Limited Tel: 0171 246 1115
END
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