Results of General Meeting held on 28 May 2024
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
28 May 2024
abrdn Property Income Trust Limited
(a non-cellular company limited by shares incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
Results of General Meeting held on 28 May 2024
On 14 May 2024, abrdn Property Income Trust Limited's ("API" or the "Company") announced that a circular ("Circular") to convene a general meeting of API Shareholders (the "General Meeting") had been published and sent to Shareholders to allow them to consider and, if thought fit, approve a change to API's investment policy in order to implement a Managed Wind-Down.
API announces the result of the General Meeting of the Company held today. Shareholders who together represented a majority of the API Shares voted at the General Meeting voted to approve the ordinary resolution to adopt the New Investment Policy of the Company.
Voting results of the General Meeting
The table below sets out the results of the vote at the General Meeting:
|
|
Number of API Shares voted *** |
% of API Shares voted* |
|
For |
125,639,338 |
95.65 |
|
Against |
5,717,221 |
4.35 |
|
Withheld** |
134,148 |
- |
|
Total |
131,356,559 |
100 |
* All percentages rounded to two decimal places
** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' the ordinary resolution.
*** Includes discretionary votes.
Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Circular.
Managed Wind-Down
Under the proposed Managed Wind-Down process, the Company will be managed with the intention of realising all of the assets in its portfolio in an orderly manner, with a view to repaying borrowings and making timely returns of capital to Shareholders whilst aiming to obtain the best achievable value for the Company's assets at the time of their realisations.
While the timeline for disposals will depend on the market environment, realisation of all of the Company's assets and the return of proceeds to API Shareholders is expected to take place over an 18-36 month period, assuming assets are realised as sales of individual assets or groups of assets, rather than via a sale of the whole portfolio, which is also a possibility.
At an appropriate point in the Managed Wind-Down process, API will seek Shareholders' approval to appoint a liquidator to wind up the Company and to cancel the Company's admission to trading on the Main Market of the London Stock Exchange. Trading in API Shares will no longer be possible from that time.
Enquiries
abrdn Property Income Trust
James Clifton-Brown (Chair) via Winterflood
Jason Baggaley (Fund Manager) +44 7801 039 463
Lazard (Financial Adviser to API)
Patrick Long +44 20 7187 2000
Jolyon Coates
Winterflood (Corporate Broker to API)
Neil Langford +44 20 3100 0160
H/Advisors Maitland (Communications Adviser to API)
James Benjamin +44 20 7379 5151
Important notices
Lazard & Co., Limited ("Lazard"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as financial adviser to API and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than API for providing the protections afforded to clients of Lazard nor for providing advice in relation to the matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein or otherwise.
Winterflood Securities Limited ("Winterflood"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for API and no-one else in connection with the matters set out in this document and will not be responsible to anyone other than API for providing the protections afforded to customers of Winterflood or for providing advice in relation to the matters set out in this document. Neither Winterflood nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Winterflood in connection with this document, any statement contained herein or otherwise.
Capitalised terms used in this announcement have the meanings given to them in the Circular.
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