Results of CULS Placing, Open Offer and Conversion
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in Aberdeen Asian Smaller Companies Investment Trust plc or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.
Aberdeen Asian Smaller Companies Investment Trust PLC (the "Company")
Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70
22 May 2018
Results of the Reinvestment Scheme, Placing and Open Offer of the new 2025 CULS, confirmation of the Conversion Price and Reinvestment Price and Conversion of 2019 CULS
The Company is pleased to announce today the results of the Reinvestment Scheme, Placing and Open Offer of the new 2025 CULS (the "Issue"), as described in the prospectus published by the Company on 20 April 2018 (the "Prospectus").
Applications have been received in respect of £37 million nominal of new 2025 CULS being issued as follows:
- £15.2 million nominal 2025 CULS being issued under the Reinvestment Scheme (a reinvestment of £11,976,259 nominal of the existing 2019 CULS on the basis of the Reinvestment Price set out below);
- £18,325,551 nominal of the existing 2019 CULS to be converted into 2,207,850 new Ordinary Shares of 25p each ("Ordinary Shares");
- £3.5 million nominal 2025 CULS applied for under the Open Offer; and
- £18.3 million nominal 2025 CULS applied for under the Placing.
The Issue is conditional on Shareholder and CULS holder approval of the resolutions at the Company's Shareholder General Meeting and Stockholder Meeting to be held on 23 May 2018.
The Conversion Price for the new 2025 CULS, as described in the Prospectus, will be 1,465p (set at 20 per cent. premium to the unaudited NAV (fully diluted and including income) per Ordinary Share as at close of business on 18 May 2018 rounded down to the nearest 5 pence).
The Reinvestment Price for the purpose of the Reinvestment Scheme, as described in the CULS circular, will be 127.22p for £1 nominal of 2019 CULS (determined by reference to the 2019 CULS conversion price, and the prevailing price of the Ordinary Shares taken as the unaudited NAV (fully diluted and including income) per Ordinary Share as at the close of business on 18 May 2018 and the average discount at which the Ordinary Shares had traded over the preceding ten dealing days).
Applications are being made by the Company to the UK Listing Authority and the London Stock Exchange for the admission of £37 million nominal 2025 CULS to the Official List and to trading on the main market respectively, and dealings in the 2025 CULS are expected to commence on or around 29 May 2018.
Conversion notices were received in respect of 18,325,551 2019 CULS, and applications are also being made by the Company to the UK Listing Authority and the London Stock Exchange for the admission of the resulting 2,207,850 new Ordinary Shares to be admitted to the Official List and to trading on the main market respectively, and dealings are expected to commence on or around 29 May 2018. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.
Save for expressions defined in this announcement, words and expressions defined in the Prospectus and Circular published on 20 April 2018, shall have the same meaning in this announcement. The Prospectus and Circular are available on the Company's website which is located at www.asian-smaller.co.uk
Enquiries:
Aberdeen Asset Managers Limited
William Hemmings
020 7463 6000
Panmure Gordon
Rob Naylor/ Paul Fincham 0207 886 2500
Jonathan Crabtree 0207 886 2720
Important Information
Panmure Gordon (UK) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the matters referred to in this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Gordon (UK) Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Panmure Gordon (UK) Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Panmure Gordon (UK) Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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