A proposal to wind up abrdn Latin American Income was announced on 15 March. Now we have more detail on the process of doing this.
The proposals involve the company being placed, with the approval of shareholders, into summary winding-up. If the resolution is passed at the EGM and the joint liquidators are appointed, they will wind up the company in accordance with the Companies (Jersey) Law 1991. It is currently expected that the portfolio will be realised for cash ahead of the EGM. In this case, the liquidators would expect to distribute the cash proceeds less costs and a £100,000 liquidation fund (to cover other potential liabilities including VAT) as soon as reasonably practicable.
Once the liquidators have made the initial distribution, satisfied claims of creditors and paid the costs and expenses of the summary winding-up, it is expected that they will make a final distribution to shareholders. The precise timing is uncertain and is likely to be of a nominal amount per share, but it is expected to be paid within 12 months of the commencement of the summary winding-up.
Shares suspended from trading on 12 June
The share register will be closed at 6:00 pm (BST) on 9 June 2023 and the ordinary shares will be disabled in CREST at the start of business on 12 June 2023. Application will be made to the FCA for suspension of the listing and application will be made to the London Stock Exchange for suspension of trading at 7:30 am (BST) on 12 June 2023. The last day for dealings on the London Stock Exchange on a normal rolling two day settlement basis will be 8 June 2023.
The company will also make an application for the cancellation of the admission of the ordinary shares to listing on the Official List and to trading on the Main Market, with cancellation expected to take effect at 8:00 am (BST) on 14 June 2023.
ALAI : abrdn Latin American Income wind up proposals