Proposals for Winding Up (9311A)

TIDMAVC

RNS Number : 9311A

Aberdeen Development Capital PLC

05 April 2012

ABERDEEN DEVELOPMENT CAPITAL PLC

PROPOSALS FOR WINDING-UP

5 April 2012

Aberdeen Development Capital PLC (the "Company") has today posted a circular (the "Circular") to Shareholders convening a Shareholder's Meeting to approve the voluntary winding up of the Company and the cancellation of the listing of its shares on the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market. The Shareholder Meeting will be held on 30 April 2012.

In the annual financial reports and accounts of the Company for the year ended 31 May 2011 the Chairman of the Company reported that the Board and Aberdeen Asset Managers Limited (the "Manager") have been continuing in their attempts to realise optimum value for the remainder of the Group's investments and the primary objective has been the repayment of ZDP Shareholders' full entitlement on 30 April 2012. Despite difficult market conditions the Board is pleased to confirm that it has put in place arrangements that it believes will enable the Company to repay in full the ZDP Shareholders' entitlements as they fall due on 30 April 2012. The Company's remaining investments are, however, very illiquid. Therefore, the Board is proposing that the Company is wound up in order to reduce the running costs of the Company and so that the remaining investments of the Company can be realised in an orderly manner over time. This will allow the Liquidators, with assistance from the Manager at no extra cost to the Company, to realise the assets of the Company and return any surplus cash to Shareholders in due course. As required by section 84(1) of the Insolvency Act 1986, the voluntary winding up of the Company is conditional upon the approval of Shareholders.

As described in the Circular, it is intended that the Company's shares be suspended from listing on the Official List of the UK Listing Authority and from trading on the London Stock Exchange at 7.30 a.m. on 30 April 2012 and that listing of those shares be cancelled on a business day in the period commencing on 31 May 2012 and ending on 30 April 2013.

A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do.

Enquiries

 
 Hugh Little   Aberdeen Asset Managers Limited   Tel: [phone] 
                                                  999 
 Sue Inglis    Canaccord Genuity Limited         Tel: [phone] 
                                                  6779 
 

Notes

Unless the context otherwise requires, terms used in this announcement shall bear the meanings given to them in the circular to the Company's shareholders dated 5 April 2012.

This information is provided by RNS

The company news service from the London Stock Exchange

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