TIDMABDA TIDMABDB
RNS Number : 8109S
abrdn New Dawn Invest Trust plc
08 November 2023
8 November 2023
abrdn New Dawn Investment Trust plc
Legal Entity Identifier: 5493002K00AHWEME3J36
Result of Second General Meeting and Scheme Entitlements
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 result of Second General Meeting and Scheme
Entitlements.
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 National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
.
Result of Second General Meeting
The Company is pleased to announce that the special resolution
to wind up the Company and place the Company into members'
voluntary liquidation was voted on and approved by the Company's
shareholders at the Second General Meeting held earlier today.
Second General Votes For % Votes % Votes Votes
Meeting Resolution (including Against Total Withheld
Discretionary)
That subject to
certain conditions,
be wound-up voluntarily
and the joint liquidators
appointed 73,313,091 99.88% 87,263 0.12% 73,400,354 126,938
---------------- ------- --------- ------ ----------- ----------
The Company's Reclassified Shares were suspended at 7.30 a.m. on
8 November 2023.
The Company, through its advisers, has notified the London Stock
Exchange of the Company's intention to cancel the Company's
admission of the ordinary shares to trading at 8:00 a.m. on 9
November 2023.
Scheme Entitlements
As at the Calculation Date the scheme entitlements calculated in
accordance with the terms of the Scheme were as follows:
- ABD FAV per Share: 272.405564 pence
- Cash NAV per Share: 266.957453 pence
- DGN FAV per Share: 403.256545 pence
Therefore, Shareholders will receive the following cash and/or
number of DGN Shares:
For Shareholders that elected for the Cash Option:
- each Share with B rights attached to it will receive
266.957453 pence in cash.
For Shareholders that elected (or are deemed to have elected) to
receive DGN Shares:
- each Share with A rights attached to it will roll over into
approximately 0.675514 DGN Shares.
As noted in the Circular, the Directors have set aside
sufficient assets in the Liquidation Pool to meet all estimated
liabilities and contingencies, including the costs of the winding
up of the Company and the costs of implementing the Scheme. The
Directors have also provided in the Liquidation Pool for a
retention of GBP100,000 which they, together with the joint
Liquidators, consider sufficient to meet any unknown or
unascertained liabilities of the Company.
The Liquidation Pool will be applied by the joint Liquidators in
discharging all current and future actual and contingent
liabilities of the Company and, any balance remaining after
discharging such liabilities from the Liquidation Pool will in due
course be distributed to Shareholders on the Register on the
winding-up date pro rata to their respective holdings of Shares in
accordance with the terms of the Scheme.
Following the appointment of the joint Liquidators, all further
enquiries regarding the Company should be made to the joint
Liquidators, whose contact details are below.
All further queries regarding the Rollover Option should be made
to abrdn Fund Managers Limited, whose contact details are
below.
In accordance with the Circular, Shareholders who elected, or
were deemed to have elected, for the Rollover Option will receive
their new DGN Shares via CREST holders on 9 November 2023 and, in
relation to certificated shareholders, by no later than 10 Business
Days from the Effective Date on 8 November 2023. Shareholders who
elected, or were deemed to have elected, for the Cash Option will
receive their entitlements within 10 Business Days from the
Effective Date via CREST and/or cheque.
As announced on 18 October 2023, the pre-liquidation dividend of
2.7 pence per share is expected to be paid on 24 November 2023 to
those shareholders who were on the register on 27 October 2023.
For further information please contact:
Liquidators
Gareth Morris
Susan Evans +44(0) 117 203 3700
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
Sapna Shah
Ashwin Kohli
Daphne Zhang +44 (0) 20 7886 2500
General
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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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END
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November 08, 2023 06:55 ET (11:55 GMT)
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