REG - abrdn Property Inc. - Results of General Meeting held on 28 May 2024

abrdn Property Income TrustAnnouncement

28/05/2024 16:00

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RNS Number : 1453Q  abrdn Property Income Trust Ltd  28 May 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

 

FOR IMMEDIATE RELEASE

 

28 May 2024

 

 

abrdn Property Income Trust Limited

 

(a non-cellular company limited by shares incorporated in Guernsey with
registration number 41352)

 

LEI Number: 549300HHFBWZRKC7RW84

Results of General Meeting held on 28 May 2024

On 14 May 2024, abrdn Property Income Trust Limited's ("API" or the "Company")
announced that a circular ("Circular") to convene a general meeting of API
Shareholders (the "General Meeting") had been published and sent to
Shareholders to allow them to consider and, if thought fit, approve a change
to API's investment policy in order to implement a Managed Wind-Down.

API announces the result of the General Meeting of the Company held today.
Shareholders who together represented a majority of the API Shares voted at
the General Meeting voted to approve the ordinary resolution to adopt the New
Investment Policy of the Company.

 

Voting results of the General Meeting

The table below sets out the results of the vote at the General Meeting:

             Number of API Shares voted ***  % of API Shares voted*
 For         125,639,338                     95.65
 Against     5,717,221                       4.35
 Withheld**  134,148                         -
 Total       131,356,559                     100

 

* All percentages rounded to two decimal places

** A vote withheld is not a vote in law and is not counted in the calculation
of the proportion of votes 'For' or 'Against' the ordinary resolution.

*** Includes discretionary votes.

Capitalised terms in this announcement, unless otherwise defined, have the
same meanings as set out in the Circular.

Managed Wind-Down

Under the proposed Managed Wind-Down process, the Company will be managed with
the intention of realising all of the assets in its portfolio in an orderly
manner, with a view to repaying borrowings and making timely returns of
capital to Shareholders whilst aiming to obtain the best achievable value for
the Company's assets at the time of their realisations.

While the timeline for disposals will depend on the market environment,
realisation of all of the Company's assets and the return of proceeds to API
Shareholders is expected to take place over an 18-36 month period, assuming
assets are realised as sales of individual assets or groups of assets, rather
than via a sale of the whole portfolio, which is also a possibility.

At an appropriate point in the Managed Wind-Down process, API will seek
Shareholders' approval to appoint a liquidator to wind up the Company and to
cancel the Company's admission to trading on the Main Market of the London
Stock Exchange. Trading in API Shares will no longer be possible from that
time.

Enquiries

abrdn Property Income
Trust

James Clifton-Brown
(Chair)
via Winterflood

Jason Baggaley (Fund
Manager)
+44 7801 039 463

Lazard (Financial Adviser to API)

Patrick
Long
            +44 20 7187 2000

Jolyon Coates

Winterflood (Corporate Broker to API)

Neil
Langford
            +44 20 3100 0160

H/Advisors Maitland (Communications Adviser to API)

James
Benjamin
            +44 20 7379 5151

 

Important notices

Lazard & Co., Limited ("Lazard"), which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, is acting exclusively as
financial adviser to API and no one else in connection with the matters
referred to in this announcement and will not be responsible to anyone other
than API for providing the protections afforded to clients of Lazard nor for
providing advice in relation to the matters referred to in this announcement.
Neither Lazard nor any of its affiliates owes or accepts any duty, liability
or responsibility whatsoever (whether direct or indirect, whether in contract,
in tort, under statute or otherwise) to any person who is not a client of
Lazard in connection with this announcement, any statement contained herein or
otherwise.

Winterflood Securities Limited ("Winterflood"), which is authorised and
regulated by the Financial Conduct Authority in the United Kingdom, is acting
exclusively for API and no-one else in connection with the matters set out in
this document and will not be responsible to anyone other than API for
providing the protections afforded to customers of Winterflood or for
providing advice in relation to the matters set out in this document. Neither
Winterflood nor any of its affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client of
Winterflood in connection with this document, any statement contained herein
or otherwise.

Capitalised terms used in this announcement have the meanings given to them in
the Circular.

 

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