Result of Elections

abrdn China Investment Company Ltd.

08 March 2024

 

8 March 2024

ABRDN CHINA INVESTMENT COMPANY LIMITED

LEI: 213800RIA1NX8DP4P938

Result of Elections

In connection with the proposals for a combination of the assets of abrdn China Investment Company Limited (the "Company") with Fidelity China Special Situations plc ("FCSS") to be effected by way of a Guernsey scheme of reconstruction and winding up of the Company (the "Scheme"), the Company is pleased to announce that the following elections (including deemed elections) have been received in connection with the Scheme:

·      Rollover Option: 5,046,222 Shares

·      Cash Option: 37,606,087 Shares

The Cash Option, which is limited to 33 per cent. of the Shares in issue, less treasury shares, was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New FCSS Shares on a pro rata basis. Excess Applications will be satisfied to the extent of approximately 5.615723 per cent. of the Excess Applications made.

In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option.

Accordingly, after scaling back Excess Applications, 67.0 per cent. of the Company's Shares will rollover into New FCSS Shares, with the balance receiving the Cash Option.

Therefore, the Shares will be reclassified as follows:

·      28,577,048 Shares with "A" rights, being the right to receive New FCSS Shares; and

·      14,075,261 Shares with "B" rights, being the right to receive cash.

The amendment to the listing of the Shares into Reclassified Shares has been requested and is expected to take effect at 8:00 a.m. on 12 March 2024, and the listing of the Reclassified Shares is subsequently expected to be suspended from 7:30 am on 13 March 2024.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular dated 16 February 2024.

ENQUIRIES

abrdn Holdings Limited, Company Secretary Paul Evitt (Company Secretary) Evan Bruce-Gardyne (Client Director)	[phone]
Link Registrars, Receiving Agent	[phone]
Shore Capital, Financial Adviser and Broker Rose Ramsden, Angus Murphy (Corporate Advisory) Henry Willcocks, Fiona Conroy (Corporate Broking)	[phone]

 

END