The Board of abrdn Latin American Income Fund Limited has announced that proposals will be put forward for the company to be placed into summary winding up (the Jersey solvent liquidation process commenced by members’ special resolution), with the cash proceeds of the liquidation being returned to shareholders.
While the board believes that the company’s strategy remains attractive in the longer term, it is aware that its small size makes it difficult to attract significant demand for its shares and that the discount at which the shares trade to net asset value is likely to persist. The board has considered the views of its largest shareholder and its professional advisors and, taking into account the composition of the share register as a whole, believes that the proposals are in the best interests of shareholders.
The company will publish a circular in due course setting out details of the proposals and convene an extraordinary general meeting at which approval for the proposals will be sought from shareholders. It is anticipated that, if shareholder approval is forthcoming, the company would be placed into summary winding up by the end of May 2023. The board will recommend that shareholders vote in favour of the proposals.
ALAI : Proposal to liquidate abrdn Latin American Income