Result of Final Warrant Exercise

RNS Number : 6498E

Aberdeen Asian Income Fund Limited

14 May 2013

 



14 May 2013

aberdeen asian income fund limited

Final Exercise of Warrant Subscription Rights
and
Application to Listing and Trading of Resulting Ordinary Shares

On 9 April 2013, the Company announced that the final subscription date for exercising the right to subscribe for one ordinary share of no par value in the capital of the Company (an "Ordinary Share") at 120p per Ordinary Share (a "Subscription Right") conferred by each of the Company's then outstanding warrants ("Warrants") was 8 May 2013 (the Final Subscription Date").  

The Company announces that, as at the Final Subscription Date, it had received notice of exercise of Subscription Rights in respect of 2,648,070 Warrants.  Accordingly, as at the close of business on the Final Subscription Date, Subscription Rights in respect of 925,973 Warrants remained unexercised (the "Unexercised Subscription Rights"). 

In accordance with the terms and conditions on which the Warrants were issued (as set out in the prospectus published by the Company on 28 November 2005 the ("Prospectus")), the Company has appointed a trustee (the "Trustee") to determine whether the Unexercised Subscription Rights should be exercised on behalf of the holders of such rights.  The Trustee has determined that there would be net proceeds (having taken account of the subscription price payable to the Company and all costs and expenses of exercise from the sale of Ordinary Shares arising on the exercise of the Unexercised Subscription Rights) and, as a result, the Trustee has exercised all such Unexercised Subscription Rights. 

Consequently, the Company will issue and allot 3,574,043 Ordinary Shares as a result of the exercise of all of the Subscription Rights outstanding on the Final Subscription Date.  The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. 

Applications have been made to the UK Listing Authority for the 3,574,043 new Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for such shares to be admitted to trading on its main market (collectively, "Admission").  It is expected that Admission will become effective, and that dealings in the new Ordinary Shares will commence, on 17 May 2013. 

On Admission, the Company's issued share capital will consist of 189,958,389 Ordinary Shares, with each share carrying the right to one vote.  The Company holds no shares in treasury.  Accordingly, the total number of voting rights in the Company on Admission will be 189,958,389 and this figure 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, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The Company's registrar will distribute the net proceeds of sale of the Ordinary Shares allotted and issued on the exercise of the Unexercised Subscription Rights (after deduction of the subscription price payable to the Company and all costs and expenses) to holders of Unexercised Subscription Rights by no later than 5 June 2013, save that, in accordance with the terms and conditions on which the Warrants were issued (as set out in the Prospectus), aggregate entitlements per holder of less than £5.00 shall be retained for the benefit of the Company.

Enquiries

Charles Mearns

Aberdeen Private Wealth Management Limited

T: 0131 528 4132

 

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