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Aberdeen UK Tracker update on voluntary winding-up

13 February 2017 09:14

Aberdeen UK Tracker Trust has issued further details of the proposed reconstruction and voluntary winding-up of the company.

The board announced on 30 November that following a review of the investment mandate, market position and prospects for growth, that it had agreed heads of terms for a merger with BlackRock Income Strategies Trust.

The would be effected by way of a scheme of reconstruction of the company under section 110 of the Insolvency Act 1986.

The board said that further terms have now been agreed with BIST, which has today been renamed Aberdeen Diversified Income and Growth Trust.

A statement said: "Following further consultation with certain of the Company's largest shareholders, it has been determined that shareholders electing to receive cash will now be limited to 60% of the company's issued share capital (excluding treasury shares), raised from the previously announced level of 40%.

"As previously announced, aggregate elections for cash will be scaled back into new ADIGT shares on a pro rata basis if applications exceed 60% of the shares in issue (excluding treasury shares).

"Additionally, following further consultation with many of ADIGT's shareholders, the board of ADIGT has given detailed consideration to the appropriate discount control mechanism for the combined company going forward following completion of the scheme.

"The board of ADIGT has decided, subject to normal market conditions, prevailing gearing level and the composition of ADIGT's portfolio, to implement a discount control mechanism to maintain ADIGT's share price discount to net asset value (ex income, debt at fair value) at no wider than 5%, by repurchasing ordinary shares in the market.

"The board of ADIGT has also resolved to put forward a continuation vote to shareholders at the annual general meeting in 2020 and at every annual general meeting thereafter."

At 9:14am: (LON:AUKT) Aberdeen Uk Tracker Trust Plc share price was +8p at 342.5p

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