Results of the Scheme and Issue of New Shares
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ABERDEEN EQUITY INCOME TRUST PLC
Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74
17 March 2026
Results of the Scheme and Issue of New Shares
The Board of Aberdeen Equity Income Trust plc (the "Company") is pleased to announce that it will acquire approximately £115 million of net assets from Shires Income PLC ("Shires"), in consideration for the issue of 28,087,149 new Ordinary shares of 25 pence each in the capital of the Company (the "New AEI Shares"), pursuant to the scheme of reconstruction and members' voluntary winding up of Shires under section 110 of the Insolvency Act 1986 (the "Scheme").
Under the terms of the Scheme, elections for the Rollover Option were received in respect of 96.4 per cent. of the issued share capital of Shires.
FAV and Exchange Ratio
The SHRS Rollover FAV per Share was calculated as 302.714122 pence and the AEI FAV per Share was calculated as 409.501653 pence. Each FAV per Share was calculated as at the Calculation Date in accordance with the details set out in the circular published by the Company on 11 February 2026 (the "Circular").
Accordingly, the exchange ratio under the Scheme was 0.739225 New AEI Shares for each Shires Share elected for the Rollover Option.
Fractional entitlements to New AEI Shares will not be issued and entitlements will be rounded down to the nearest whole number of New AEI Shares. No cash payments will be made or returned in respect of fractional entitlements, which will be retained for the benefit of the Company.
The New AEI Shares will rank equally in all respects with the existing Ordinary shares of the Company other than in respect of any dividends which have a record date prior to the Effective Date.
All Excluded Shareholders are deemed to have elected for the Cash Option in respect of 100 per cent of their holding of Shires Shares.
Admission and Dealings
An application has been made for the New AEI Shares to be admitted to trading on the London Stock Exchange's main market for listed securities.
It is expected that admission will become effective and that dealings in the New AEI Shares will commence on or soon after 8.00 a.m. on 18 March 2026.
CREST accounts of Shires Shareholders are expected to be credited with the New AEI Shares as soon as reasonably practical on 18 March 2026. Share certificates in respect of New AEI Shares are expected to be despatched not later than 10 Business Days from the Effective Date.
Total Voting Rights
Following Admission of the New AEI Shares, the Company's issued share capital will comprise 79,343,671 Ordinary shares of 25 pence each ("Ordinary Shares") (excluding shares held in treasury). Each Ordinary Share carries one vote.
The figure of 79,343,671 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in voting rights, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.
All defined terms used herein shall have the meanings given to them in the Circular.
Appointment of Non-Executive Director and Committee Changes
On the successful completion of the combination with Shires Income PLC, the Company is pleased to announce the appointment of Simon White as an independent Non-Executive Director of the Company with immediate effect. He will also become a member of the Company's Audit and Risk Committee and the Management Engagement Committee.
Mr White has a background in UK equity fund management and significant experience in the investment trust sector. He joined BlackRock as Head of Investment Trusts in 2011 where he was responsible for overseeing the company secretarial, sales and marketing and third-party administration services. He was also involved in successful fundraisings and significant secondary issuance within the investment trust business. He retired from BlackRock in June 2022.
Prior to joining BlackRock, he worked at Kleinwort Benson and was responsible for the development of Kleinwort Benson's (and its successor companies including Allianz Global Investors) closed end fund businesses. He is currently a Senior Adviser to Cadarn Capital, an independent distribution and investor relations company servicing London-listed investment companies.
Mr White held 20,000 Shires Shares which are subject to the Rollover Option. A further announcement confirming his entitlement to New AEI Shares (expected to number approximately 14,784) will be published on 18 March 2026.
There are no additional disclosures required to be in accordance with UKLR 6.4.8
Ms Patel, Chair commented:
"This is an historic day for Aberdeen Equity Income Trust, and I am delighted to welcome holders of almost 96.4% of Shires Shares to Aberdeen Equity Income. This acceptance rate is extremely high and confirms the logic of the combination. As a Board, we look forward to delivering for you and thank you for your vote of confidence in the proposals and I want to thank the boards of both companies and the team at Aberdeen for all the hard work that has been put in to get us to this point.
I would also like to take this opportunity to welcome Simon to the Board. We look forward to drawing on his experience in the investment industry, and particularly the investment trust sector, to the benefit of the Company."
Enquiries:
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abrdn Holdings Limited +44 (0) 131 372 9153 Helen Leslie (Company Secretary) |
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J.P. Morgan Cazenove (Sole Financial Adviser) +44 (0) 203 493 8000 |
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William Simmonds Rupert Budge |
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