abrDn diversified income and
growth PLC
Legal Entity Identifier
(LEI): 2138003QINEGCHYGW702
10 APRIL
2024
REDEMPTION AND CANCELLATION OF 6.25 PER CENT BONDS DUE
2031
Bond
Redemption
The Board of abrdn Diversified Income and Growth
plc (the "Company") hereby
announces that, following the agreement of
shareholders to the proposal to put the Company into managed
wind-down, the Company redeemed and cancelled the remaining
£16,096,000 in aggregate principal amount of its 6.25% Bonds due
2031 (ISIN XS0134340180) (the "Bonds") on 9 April 2024.
As announced on 8 March 2024, the redemption
price was 114.983%. The redemption price having been calculated in
accordance with the conditions, using the gross redemption yield of
the United Kingdom 6% Treasury Stock due 7 December
2028.
Application has been made for the admission of
£16,096,000 in principal amount of the Bonds to the Official List
of the United Kingdom Listing Authority to be cancelled in
accordance with the FCA's Listing Rules. Following this
redemption and cancellation there remain no further Bonds
outstanding and the Company has no further debt.
Expected
circular and approvals
The Company has commenced the process required
for Court approval for the shareholder approved reduction in the
nominal value of the Company's ordinary shares from 25 pence per
ordinary share to one penny per ordinary share (the "Capital Reduction") and cancellation of
the entire amount standing to the credit of the Company's capital
redemption reserve (the "Capital
Redemption Cancellation") and share premium account to
create distributable reserves which may be applied in any manner
permitted by the Companies Act and/or the Company's articles
of association (including for any bonus share issues and/or
redemptions, tender offers, share buy backs and/or other returns of
capital) excluding (in respect of the Capital Reduction and Capital
Redemption Cancellation) the payment of dividends.
The Company also expects in the coming weeks to
issue a further circular providing details of the expected initial
capital return, which is proposed to be carried out by way of an
issue and redemption of bonus shares to all shareholders (the
"B Share Scheme"),
including a summary of the UK taxation consequences for
shareholders. The circular will convene a general meeting to
seek the further shareholder approvals required to be granted for
the implementation of the B Share Scheme. Subject to these
further shareholder approvals being granted and the required Court
approvals being received, it is expected that the initial return of
capital will be implemented around the end of June 2024.
Contact
details
For further information please
contact:
abrdn Holdings Limited, Secretaries
Email:
cef.cosec@abrdn.com