Related Party Investment Transaction

RNS Number : 4263Z

Aberdeen Diversified I&G Trust PLC

15 December 2017

 

15 December 2017

Aberdeen Diversified Income and Growth Trust Plc

Legal Entity Identifier (LEI): 2138003QINEGCHYGW702

Investment in Aberdeen Global Infrastructure Partners II LP

The Board of Aberdeen Diversified Income and Growth Trust plc (the "Company") is pleased to announce an investment in Aberdeen Global Infrastructure Partners II LP (the "Fund").

The Company entered into a sale and purchase agreement on 14 December 2017 to acquire in its entirety the interest of Aberdeen Asset Management PLC in the Fund. This interest is being acquired for A$5.5million (£3.1million) and includes further capital commitments to the Fund of A$17.3million and US$2.7million (£11.8million). As part of the due diligence process, the Company has engaged a third party advisor to conduct an independent review of the valuation of the stake in the Fund.

Aberdeen Global Infrastructure Partners II LP invests in social infrastructure projects in Australia, USA and New Zealand. The Fund was launched in 2014 and is managed by Aberdeen's infrastructure team. It invests in 'greenfield' construction-phase projects including express lanes in North Carolina and a multi-use stadium in Perth. The investment is aligned with the Company's aim to deliver attractive risk-adjusted returns from a genuinely diversified portfolio investing in a range of asset classes with different return drivers and risk profiles.

Aberdeen Asset Management PLC is part of the same group as the Company's investment manager, Aberdeen Fund Managers Limited, and is therefore deemed a related party under the Listing Rules. The acquisition amounts to a smaller related party transaction under Listing Rule 11.1.10R. Cenkos Securities, as Sponsor to the Company, has confirmed that the terms of the transaction are fair and reasonable as far as the shareholders of the Company are concerned.  In providing its advice to the Board of Directors, Cenkos Securities has taken into account the Board of Directors' commercial assessment.

Enquiries:

Aberdeen Fund Managers Limited

William Hemmings

Gary Jones

Stuart Reid

Tel. [phone]

Cenkos Securities plc

Sapna Shah

Tel. [phone]

 

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