AberforthSplit Level Statement re Issue Update

 
TIDMASLI TIDMAGIT 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM 
CANADA, AUSTRALIA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA. 
 
This announcement is an advertisement and not a prospectus. This announcement 
does not constitute or form part of, and should not be construed as, any offer 
for sale or subscription of, or solicitation of any offer to buy or subscribe 
for, any securities in Aberforth Split Level Income Trust plc ("ASLIT") or 
Aberforth Geared Income Trust plc ("AGIT") or securities in any other entity, 
in any jurisdiction, including the United States, nor shall it, or any part of 
it, or the fact of its distribution, form the basis of, or be relied on in 
connection with, any contract or investment decision whatsoever, in any 
jurisdiction. This announcement does not constitute a recommendation regarding 
any securities. Any investment decision must be made exclusively on the basis 
of the final prospectus published by ASLIT and any supplement thereto or the 
final circular published by AGIT. 
 
29 June 2017 
 
Aberforth Split Level Income Trust plc ("ASLIT") and Aberforth Geared Income 
Trust plc ("AGIT") 
 
Further to AGIT's announcements dated 20 June 2017 and 27 June 2017, the demand 
for Ordinary Shares and ZDP Shares in ASLIT at 100 pence each was as follows: 
 
                             Demand for ASLIT Ordinary    Demand for ASLIT ZDP Shares 
                             Shares 
 
AGIT Ordinary Shareholders   GBP162.1m                      Not applicable 
under the Scheme 
 
AGIT ZDP Shareholders under  GBP5.6m                        GBP58.0m 
the Scheme 
 
ASLIT Placing                GBP15.0m                       GBP19.8m 
 
ASLIT Offer for Subscription GBP3.1m                        GBP2.0m 
 
Total demand                 GBP185.8m                      GBP79.8m 
 
185.8 million ASLIT Ordinary Shares will be issued under the Scheme, Placing 
and Offer for Subscription in aggregate, to satisfy demand under the table 
above. 
 
46.5 million ASLIT ZDP Shares will be issued to satisfy the aggregate demand 
for ASLIT ZDP Shares shown in the table above. The ASLIT Board has been 
required to scale back elections and subscriptions for ASLIT ZDP Shares and, in 
doing so, has sought to give preference, so far as practicable, to those 
investors who subscribed for or rolled into ASLIT Ordinary Shares in accordance 
with the policy described in the ASLIT Prospectus. 
 
Certain AGIT ZDP Shareholders elected to receive ASLIT Ordinary Shares and 
ASLIT ZDP Shares in the Ratio to the extent that any element of their election 
for ASLIT ZDP Shares would otherwise have been satisfied in cash as a 
consequence of scaling back. An additional 4.5 million ASLIT Ordinary Shares 
and 1.1 million ASLIT ZDP Shares will be issued in this regard. 
 
Accordingly, application is being made for 190,250,000 ASLIT Ordinary Shares 
and 47,562,500 ASLIT ZDP Shares to be admitted to listing on the Official List 
of the UK Listing Authority and to trading on the main market of the London 
Stock Exchange at 8.00 a.m. on 3 July 2017. The Admission and completion of the 
scheme remain subject also to the passing of the resolution at the second 
general meeting of AGIT to be held at 11am on 30 June 2017. 
 
EXPECTED TIMETABLE 
 
All references are to UK time.                                                  2017 
 
Amendment to the Offcial List and dealings in         8.00 a.m. on Thursday, 29 June 
Reclassifed Shares commence on the London Stock 
Exchange 
 
Dealings in Reclassifed Shares suspended                7.30 a.m. on Friday, 30 June 
 
Second Meeting                                         11.00 a.m. on Friday, 30 June 
 
Effective Date for implementation of the Proposals                   Friday, 30 June 
and commencement of the liquidation of AGIT 
 
Admission to listing of the ASLIT Shares to be           8.00 a.m. on Monday, 3 July 
issued pursuant to the Scheme and of the ASLIT 
Shares to be issued pursuant to the ASLIT Placing 
and Offer 
 
ASLIT Shares issued in uncertifcated form credited       8.00 a.m. on Monday, 3 July 
to CREST accounts of Shareholders under the Scheme 
 
ASLIT Shares issued in uncertifcated form credited      11.00 a.m. on Monday, 3 July 
to CREST accounts of ASLIT Shareholders under the 
Placing and  Offer 
 
CREST payments made in respect of cash entitlements                   Friday, 7 July 
of Shareholders under the Scheme 
 
Cheques despatched in respect of cash entitlements                    Friday, 7 July 
of Shareholders under the Scheme 
 
Defnitive certifcates in respect of ASLIT Shares     week commencing Monday, 10 July 
issued in certifcated form pursuant to the Scheme 
despatched to Shareholders entitled thereto 
 
Cancellation of listing of the Reclassifed Shares                    Monday, 10 July 
 
Each of the times and dates in the above expected timetable (other than in 
relation to the Meetings) may be extended or brought forward without further 
notice. If any of the above times and/or dates change, the revised time(s) and/ 
or date(s) will be notifed to Shareholders by an announcement through a 
Regulatory Information Service provider. 
 
Terms used in this announcement shall have the same meaning as set out in the 
Prospectus issued by ASLIT and the Circular published by AGIT on 19 May 2017. 
 
For further information, please contact: 
 
Investment Managers 
 
Aberforth Partners LLP                                       [phone] 
0733 
 
Euan Macdonald 
 
Alistair Whyte 
 
 
Advisers to AGIT 
 
Dickson Minto W.S.                                             [phone] 
6823 
 
Douglas Armstrong 
 
 
Advisers to ASLIT 
 
J.P. Morgan Cazenove (JPMC)                           [phone] 
 
William Simmonds 
 
Edward Gibson-Watt 
 
Oliver Kenyon 
 
 
Kepler Partners LLP                                            [phone] 
8796 
 
Hugh van Cutsem 
 
 
The information contained in this announcement is given at the date of its 
publication (unless otherwise marked) and is subject to updating, revision and 
amendment from time to time. 
 
Dickson Minto W.S., which is authorised and regulated by the Financial Conduct 
Authority, is acting only for AGIT in connection with the matters described in 
this announcement and is not acting for or advising any other person, or 
treating any other person as its client, in relation thereto and will not be 
responsible to anyone other than AGIT for providing the protections afforded to 
clients of Dickson Minto W.S. or advice to any other person in relation to the 
matters contained herein. 
 
J.P. Morgan Cazenove, which is authorised and regulated by the Financial 
Conduct Authority, is acting only for ASLIT in connection with the matters 
described in this announcement and is not acting for or advising any other 
person, or treating any other person as its client, in relation thereto and 
will not be responsible to anyone other than ASLIT for providing the 
protections afforded to clients of J.P. Morgan Cazenove or advice to any other 
person in relation to the matters contained herein. 
 
Kepler Partners LLP, which is authorised and regulated by the Financial Conduct 
Authority, is acting only for ASLIT in connection with the matters described in 
this announcement and is not acting for or advising any other person, or 
treating any other person as its client, in relation thereto and will not be 
responsible to anyone other than ASLIT for providing the protections afforded 
to clients of Kepler Partners LLP or advice to any other person in relation to 
the matters contained herein. 
 
This announcement may include statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements can be 
identified by the use of forward-looking terminology, including the terms 
"believes", "estimates", "anticipates", "expects", "intends", "may", "will" or 
"should" or, in each case, their negative or other variations or comparable 
terminology. All statements other than statements on historical facts included 
in this announcement, including, without limitation, those regarding AGIT's 
financial position, strategy, plans, proposed acquisitions and objectives, are 
forward-looking statements. 
 
Forward-looking statements are subject to risks and uncertainties and, 
accordingly, ASLIT's actual future financial results and operational 
performance may differ materially from the results and performance expressed 
in, or implied by, the statements. These forward-looking statements speak only 
as at the date of this announcement and cannot be relied upon as a guide to 
future performance. Aberforth Partners LLP and Dickson Minto W.S. expressly 
disclaim any obligation or undertaking to update or revise any forward-looking 
statements contained herein to reflect actual or any change in the assumptions, 
conditions or circumstances on which any such statements are based unless 
required to do so by the Financial Services and Markets Act 2000, the 
Prospectus Rules of the Financial Conduct Authority or other applicable laws, 
regulations or rules. 
 
None of AGIT, ASLIT, Aberforth Partners LLP, J.P. Morgan Cazenove or Dickson 
Minto W.S., or any of their respective affiliates, accepts any responsibility 
or liability whatsoever for or makes any representation or warranty, express or 
implied, as to this announcement, including the truth, accuracy or completeness 
of this information in this announcement (or whether any information has been 
omitted from the announcement) or any other information relating to AGIT or 
associated companies, whether written, oral or in visual or electronic form, 
and howsoever transmitted or made available or for any loss howsoever arising 
from any use of the announcement or its contents or otherwise arising in 
connection therewith. AGIT, ASLIT, Aberforth Partners LLP and Dickson Minto 
W.S., and their respective affiliates, accordingly disclaim all and any 

liability whether arising in tort, contract or otherwise which they might 
otherwise have in respect of this announcement or its contents or otherwise 
arising in connection therewith. 
 
This announcement does not constitute a prospectus relating to ASLIT, or form 
part of, any offer or invitation to sell or issue, or any solicitation of any 
offer to purchase or subscribe for, any shares in AGIT or ASLIT in any 
jurisdiction nor shall it, or any part of it, or the fact of its distribution, 
form the basis of, or be relied on in connection with or act as any inducement 
to enter into, any contract therefor. Investors should not purchase or 
subscribe for any transferable securities referred to in this announcement 
except on the basis of information contained in the prospectus published by 
ASLIT on 19 May 2017. 
 
Nothing in this announcement constitutes investment advice and any 
recommendations that may be contained herein have not been based upon a 
consideration of the investment objectives, financial situation or particular 
needs of any specific recipient. Copies of the prospectus are available from 
www.morningstar.co.uk/uk/nsm. 
 
 
 
END 
 

(END) Dow Jones Newswires

June 29, 2017 02:00 ET (06:00 GMT)