REG - Aberdeen Equity Inc - Results of the Scheme and Issue of New Shares

Aberdeen Equity Income TrustAnnouncement

17/03/2026 13:45

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RNS Number : 0081X  Aberdeen Equity Income Trust plc  17 March 2026

ABERDEEN EQUITY INCOME TRUST PLC

Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74

17 March 2026

Results of the Scheme and Issue of New Shares

 The Board of Aberdeen Equity Income Trust plc (the "Company") is pleased to
announce that it will acquire approximately £115 million of net assets
from Shires Income PLC ("Shires"), in consideration for the issue of
28,087,149 new Ordinary shares of 25 pence each in the capital of the Company
(the "New AEI Shares"), pursuant to the scheme of reconstruction and members'
voluntary winding up of Shires under section 110 of the Insolvency Act 1986
(the "Scheme").

Under the terms of the Scheme, elections for the Rollover Option were received
in respect of 96.4 per cent. of the issued share capital of Shires.

FAV and Exchange Ratio

The SHRS Rollover FAV per Share was calculated as 302.714122 pence and the
AEI FAV per Share was calculated as 409.501653 pence. Each FAV per Share was
calculated as at the Calculation Date in accordance with the details set out
in the circular published by the Company on 11 February 2026 (the
"Circular").

Accordingly, the exchange ratio under the Scheme was 0.739225 New AEI Shares
for each Shires Share elected for the Rollover Option.

Fractional entitlements to New AEI Shares will not be issued and entitlements
will be rounded down to the nearest whole number of New AEI Shares. No cash
payments will be made or returned in respect of fractional entitlements, which
will be retained for the benefit of the Company.

The New AEI Shares will rank equally in all respects with the existing
Ordinary shares of the Company other than in respect of any dividends which
have a record date prior to the Effective Date.

All Excluded Shareholders are deemed to have elected for the Cash Option in
respect of 100 per cent of their holding of Shires Shares.

Admission and Dealings

An application has been made for the New AEI Shares to be admitted to trading
on the London Stock Exchange's main market for listed securities.

It is expected that admission will become effective and that dealings in the
New AEI Shares will commence on or soon after 8.00 a.m. on 18 March 2026.

CREST accounts of Shires Shareholders are expected to be credited with the New
AEI Shares as soon as reasonably practical on 18 March 2026. Share
certificates in respect of New AEI Shares are expected to be despatched not
later than 10 Business Days from the Effective Date.

Total Voting Rights

Following Admission of the New AEI Shares, the Company's issued share capital
will comprise 79,343,671 Ordinary shares of 25 pence each ("Ordinary Shares")
(excluding shares held in treasury). Each Ordinary Share carries one vote.

The figure of 79,343,671 Ordinary Shares 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 voting rights, or a change to their
interest in the Company, under the Disclosure Guidance and Transparency Rules.

All defined terms used herein shall have the meanings given to them in the
Circular.

Appointment of Non-Executive Director and Committee Changes

 

On the successful completion of the combination with Shires Income PLC, the
Company is pleased to announce the appointment of Simon White as an
independent Non-Executive Director of the Company with immediate effect. He
will also become a member of the Company's Audit and Risk Committee and the
Management Engagement Committee.

 

Mr White has a background in UK equity fund management and significant
experience in the investment trust sector. He joined BlackRock as Head of
Investment Trusts in 2011 where he was responsible for overseeing the company
secretarial, sales and marketing and third-party administration services. He
was also involved in successful fundraisings and significant secondary
issuance within the investment trust business. He retired from BlackRock in
June 2022.

 

Prior to joining BlackRock, he worked at Kleinwort Benson and was responsible
for the development of Kleinwort Benson's (and its successor companies
including Allianz Global Investors) closed end fund businesses. He is
currently a Senior Adviser to Cadarn Capital, an independent distribution and
investor relations company servicing London-listed investment companies.

 

Mr White held 20,000 Shires Shares which are subject to the Rollover Option. A
further announcement confirming his entitlement to New AEI Shares (expected to
number approximately 14,784) will be published on 18 March 2026.

There are no additional disclosures required to be in accordance with UKLR
6.4.8

 

Ms Patel, Chair commented:

 

"This is an historic day for Aberdeen Equity Income Trust, and I am delighted
to welcome holders of almost 96.4% of Shires Shares to Aberdeen Equity Income.
This acceptance rate is extremely high and confirms the logic of the
combination.  As a Board, we look forward to delivering for you and thank you
for your vote of confidence in the proposals and I want to thank the boards of
both companies and the team at Aberdeen for all the hard work that has been
put in to get us to this point.

 

I would also like to take this opportunity to welcome Simon to the Board. We
look forward to drawing on his experience in the investment industry, and
particularly the investment trust sector, to the benefit of the Company."

 Enquiries:

 abrdn Holdings
 Limited
 +44 (0) 131 372 9153

 Helen Leslie (Company
 Secretary)

 J.P. Morgan Cazenove (Sole Financial Adviser)           +44 (0) 203
 493 8000
 William Simmonds

 Rupert Budge

 

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