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Aberdeen Pvt Eqt Fnd (APEF)

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Wednesday 04 April, 2018

Aberdeen Pvt Eqt Fnd

Compulsory Redemption of Shares

RNS Number : 8649J
Aberdeen Private Equity Fund Ltd
04 April 2018

4 April 2018

Aberdeen Private Equity Fund Limited (the "Company")





Further to the Company's previous announcements and as per the Compulsory Redemption mechanism  outlined in the Company's Circular dated 1 February 2018, the Company advises that it will return to Shareholders by way of a compulsory partial redemption of Shares an amount of approximately £148.6 million.


As expected, not all of the portfolio transfers have been completed and the Board expects to announce a second redemption shortly, once the remaining investments have completed the transfer process. A final pre-liquidation redemption is expected in June as explained in the Circular.


The percentage of Shares being redeemed has been determined at the Directors' sole discretion and does not relate to the percentage of proceeds being distributed following the realisation of the Company's portfolio.  The number of shares to be redeemed in aggregate in this first redemption will represents approximately 50% of the Company's issued share capital (the "Redemption") as at close of business on Thursday 5 April 2018 (the "Redemption Record Date").  The two further redemptions to be made under the above mechanism are each expected to equate to approx 25% of the issued share capital as at 5 April 2018.  Shareholders should note that the amounts received for each of those payments will be much smaller than this first payment as this first Redemption represents the vast bulk of the proceeds received following the realisation of the Company's portfolio on 29 March 2018, less a deduction for all known actual or estimated future fees, expenses and tax obligations together with an additional retention amount intended to cover any unknown future fees, expenses and tax obligations. 


Payment will be made on 17 April 2018 being the redemption payment date (the "Redemption Payment Date").  The redemption price will be 272 pence for each Share being redeemed (the "Redemption Price").


The Company confirms that the proceeds from the sale are being held in Sterling, after their receipt, with the exception of holding other currencies to meet the Company's estimated expenses.


The Redemption will be effected pro rata to the holdings of Shares on the register at the close of business on the 5 April 2018, being the Redemption Record Date. No fractions of Shares will be redeemed and the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares as appropriate.


All existing Shares will be traded under the existing ISIN number GG00B1XCHB94 (the "Old ISIN") until close of business on the Redemption Record Date.  The Shares being redeemed will be disabled in CREST after close of business on the Redemption Record Date and the Old ISIN will expire. These shares will be cancelled and all proceeds of the Redemption will be paid in pounds Sterling on or around the Redemption Payment Date.


The new ISIN number GG00BD5G6386 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions from 08:00 on 6 April 2018.  CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.


Expected timetable:


Redemption Record Date

5 April 2018

Redemption Date and new ISIN enabled

6 April 2018

Redemption Payment Date (on or around)

17 April 2018


Terms not defined in this announcement shall have the same meaning as those defined in the Circular.

For further information, please contact:

Ipes (Guernsey) Limited

Nicholas Robilliard

T: +44 1481 735827


This information is provided by RNS
The company news service from the London Stock Exchange

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