NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN
WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THE JURISDICTION.
LEI
Number: 2138003QINEGCHYGW702
5
December 2024
ABRDN DIVERSIFIED INCOME AND
GROWTH PLC
(the
"Company")
Publication of Circular in
relation to Recommended Proposals for the Capital Reduction to
allow for the return of capital to Shareholders and amendment of
the Company's Articles
The Board of Directors of the
Company (the "Board") is
pleased to announce the publication of a circular in relation to
the recommended proposals to cancel the entire amount standing to
the credit of the Company's capital redemption reserve (the
"Capital Reduction") and to
amend the Company's articles of association (the "Articles") in order to remove the
requirement for the Company to hold a continuation vote at each
annual general meeting (the "Circular").
In accordance with the managed
wind-down approved by shareholders on 27 February 2024, the Board
is keen to continue progressively returning cash to Shareholders in
the form of capital. The reserve arising as a result of the Capital
Reduction, if approved by Shareholders and the Court of Session
will, subject to any arrangements required for the protection of
creditors and any direction given by the Court, amount to
distributable reserves which may then be used for all purposes
permitted under the Companies Act and will be available to the
Company to distribute to Shareholders.
The Board also believes that in
light of the clear mandate previously provided by Shareholders and
in order to provide continuity and certainty during the managed
wind-down, the Company's Articles should be amended to remove the
current requirement to hold a continuation vote at each annual
general meeting of the
Company.
The Capital Reduction and the
amendment to the Articles remain conditional on, amongst other
things, Shareholder approval. The Circular contains further details
of the Capital Reduction, the amendment to the Articles and a
notice of general meeting of the Company (the "General Meeting"). The General Meeting
will be held at the offices of Dickson Minto LLP, Level 4, Dashwood
House, 69 Old Broad Street, London EC2M 1QS at 10.30 a.m. on 23
December 2024 at which Shareholders will be asked to provide the
Company with the necessary authorities to implement the Capital
Reduction and the amendment to the Articles.
A copy of the Circular will be
submitted to the National Storage Mechanism and will shortly be
available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Circular will also be available on the Company's website
(www.abrdndiversified.co.uk/en-gb).
Defined terms used in this
announcement have the meanings given in the Circular unless the
context otherwise requires.
Timetable
The expected timetable for the
General Meeting is as follows:
Latest time and date
for receipt of Forms of Proxy .......................... 10.30 a.m.
on 19 December 2024
Record time and date
for the General Meeting ................................ .6.30 p.m.
on 19 December 2024
General
Meeting.................................................................................10.30
a.m. on 23 December 2024
Notes:
All
references to time in this document are to UK time. If any of the
above times and/or dates change, the revised time(s)
and/or
date(s) will be notified to
Shareholders by an announcement through a Regulatory Information
Service.
|
Enquiries:
|
|
|
abrdn
Diversified Income and Growth plc
|
via Burson Buchanan
|
|
|
Davina Walter (Chairman)
|
|
|
|
Dickson Minto
Advisers
|
|
|
|
Douglas
Armstrong
|
+44 (0)20 7649 6823
|
|
|
Burson
Buchanan
|
|
|
|
Helen Tarbet / Henry
Wilson
|
+44 (0)20 7466 5000
|
|
|
Verity Parker / Samuel Adams
|
ADIG@buchanancomms.co.uk
|
|