Convertible Unsecured Loan Stock

RNS Number : 0914D

Aberdeen Asian Smaller Co's Inv Tst

26 January 2018

 

Aberdeen Asian Smaller Companies Investment Trust PLC (the "Company")

Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70

26 January 2018

This announcement contains inside information

Convertible Unsecured Loan Stock

The Company issued £35 million of 3.5 per cent convertible unsecured loan stock 2019 ("existing CULS") in May 2012, taking on structural gearing for the first time.  The Company is currently exploring proposals to extend the structural gearing for a further period at a lower coupon and a new / increased conversion price. 

Such proposals may include the following options:

-       To convert the existing CULS into new CULS so as to extend their life, reduce the coupon, increase conversion price and at the same time provide holders of the new CULS with a nominal value which will recognise the intrinsic value of the existing CULS on the effective date;

-       To give the opportunity to all existing CULS holders to convert their CULS into ordinary shares on the existing terms or effectively roll their holdings of existing CULS into the new CULS; and

-       To issue additional convertible loan stock on the new terms up to maximum value (including any amount rolled over) of £50 million, subject to demand.

Further details will be announced in due course should the Company proceed with the transaction.

A further announcement will be made in due course.

Contact Details:

Panmure Gordon

Paul Fincham / Jonathan Becher

0207 886 2500

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