Over 70% of Aberdeen New Thai shares opted for cash – In advance of the planned combination of the assets of Aberdeen New Thai with abrdn China Investment Company. shareholders in Aberdeen New Thai have made the following elections (including deemed elections – eligible shareholders that made no election were deemed to have elected for the rollover option.):
- Rollover option: 4,369,845 shares
- Cash option: 11,616,724 shares
In other words, 72.6% of shares elected for the cash option. However, this was limited to 15% of the shares in issue. Accordingly, the basic entitlement of all shareholders who have validly elected or deemed to have elected for the cash option will be accepted in full and excess applications for the cash option will be scaled back on a pro rata basis. Excess applications will be satisfied to the extent of approximately 2.9236490% of the excess applications made
Therefore, the shares will be reclassified as follows:
13,588,584 shares with “A” rights, being the right to receive New AEMC Shares (now ACIC shares); and
2,397,985 shares with “B” rights, being the right to receive cash.
[We discussed this on this morning’s news show in connection with the similar outcome for the tender offer for former Aberdeen Emerging shareholders. What we don’t know is the extent to which investors would have expected to be scaled back and are happy with the situation. However, as we said on the show, it is worth remembering that shareholders overwhelmingly supported these proposals. This contrasts with Fidelity Emerging, where there was a sizeable vote against.]
ANW : Over 70% of Aberdeen New Thai shares opted for cash