On 29 November 2016, Acorn Income Fund’s (AIF’s) Board announced proposals including the extension of the life of the existing ZDP Shares to 28 February 2022; a Continuation Offer to ZDP Shareholders whereby such holders were given an opportunity to either receive their 2017 Final Capital Entitlement in cash on 31 January 2017 or to continue their investment in the existing ZDP Shares; and the issue of New ZDP Shares to allow the Company to maintain its existing capital structure following the implementation of the Proposals (this being through the issue of New ZDP Shares to replace those for which holders opted for the Cash Option). Shareholders’ approval for the proposals was announced on 21 December 2016. Acorn Income Fund has now announced that 19,523,014 ZDP Shares have been elected for the Continuation Offer, which represents 91.4% of the ZDP Shares currently in issue.
Following these results, the Company has announced that it is making available to qualified investors up to 1,834,160 New ZDP Shares through the Initial Placing by Numis Securities Limited. It says that the number of New ZDP Shares to be issued, the issue price per New ZDP Share, and the allocation of New ZDP Shares to investors, will be determined by the Company and Numis following closing of the placing. This is expected at 11 a.m. on 27 January 2017 but may close earlier or later at the absolute discretion of the Company. The Company says that it reserves the right to seek to place additional New ZDP Shares, up to the extent required for the Company to maintain its existing capital structure, following the closing of the Initial Placing and Offer of New Ordinary Shares.
Acorn Income Fund sees 91.4% of ZDP holders opt for continuation : AIF