Acorn Income Fund Placing of New ZDP Shares

 
TIDMAIF TIDMAIFZ 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR 
INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, 
ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, 
CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA (OTHER 
THAN THE UNITED KINGDOM) OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD 
BE UNLAWFUL. 
 
This announcement is not an offer to sell, or a solicitation of an offer to 
acquire, securities in the United States or in any other jurisdiction in which 
the same would be unlawful. This announcement is an advertisement and does not 
constitute a prospectus and investors must only subscribe for or purchase any 
shares referred to in this announcement on the basis of information contained 
in a prospectus published today by the Company (as defined below) and any 
supplementary prospectus issued by the Company prior to the relevant Admission 
(as defined below) and not in reliance on this announcement. Neither this 
announcement nor any part of it shall form the basis of or be relied on in 
connection with or act as an inducement to enter into any contract, commitment 
or investment decision whatsoever to purchase shares in the Company or 
otherwise. 
 
Capitalised terms used but not defined in this announcement will have the same 
meaning as set out in the Circular dated 29 November 2016. 
 
[16] January 2017 
 
                           Acorn Income Fund Limited 
                                (the "Company") 
 
                           Placing of New ZDP Shares 
 
Background 
 
On 29 November 2016, the Board announced proposals including: 
 
 i. the extension of the life of the existing ZDP Shares to 28 February 2022; 
ii. a Continuation Offer to ZDP Shareholders whereby such holders are given an 
    opportunity to either receive their 2017 Final Capital Entitlement in cash 
    on 31 January 2017 or to continue their investment in the existing ZDP 
    Shares; and 
iii. the issue of New ZDP Shares to allow the Company to maintain its existing 
    capital structure following the implementation of the Proposals, through 
    the issue of New ZDP Shares to replace those ZDP Shares in respect of which 
    elections are deemed to be made for the Cash Option. 
 
Shareholders' approval for the Proposals was announced on 21 December 2016. 
 
Result of the Continuation Offer 
 
The Company announces that 19,523,014 ZDP Shares have been elected for the 
Continuation Offer, which represents 91.4% of the ZDP Shares currently in 
issue. 
 
Initial Placing of New ZDP Shares 
 
The Company announces that the Company is making available to qualified 
investors (as defined in section 86(7) of the Financial Services and Markets 
Act 2000 (as amended)) up to 1,834,160 New ZDP Shares through the Initial 
Placing by Numis Securities Limited. 
 
The number of New ZDP Shares to be issued, the issue price per New ZDP Share, 
and the allocation of New ZDP Shares to investors, will be determined by the 
Company and Numis following closing of the placing, which is expected at 11 
a.m. on 27 January 2017 (but may close earlier or later at the absolute 
discretion of the Company). 
 
Qualified investors are invited to apply for New ZDP Shares by contacting Numis 
on the contact details below. 
 
The Company reserves the right to seek to place additional New ZDP Shares, up 
to the extent required for the Company to maintain its existing capital 
structure, following the closing of the Initial Placing and Offer of New 
Ordinary Shares. 
 
Details of the New ZDP Shares (and the terms and conditions of application 
under the Initial Placing) are set out in the Prospectus, which is available on 
the Company's website at: 
 
https://www.premierfunds.co.uk/media/899303/ 
acorn-income-fund-prospectus-november-2016.pdf. 
 
The ability of the Company to pay the 2022 Final Capital Entitlement is 
dependent on the performance of the Company's investment portfolios. The New 
ZDP Shares are not a guaranteed, protected or secured investment and ZDP 
Shareholders may therefore not receive their full 2022 Final Capital 
Entitlement. 
 
For further information please contact: 
 
 
Broker, Financial Adviser and Sponsor: 
Numis Securities Limited 
Nathan Brown, Corporate Broking and Advisory, tel. [phone], 
[e-mail] 
David Luck, Sales, tel. [phone], [e-mail] 
 
Investment Manager: 
Premier Fund Managers Limited 
Nigel Sidebottom 
Tel: [phone] 
Email: [e-mail] 
 
Company Secretary: 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Cara De La Mare 
Tel: [phone] 
Email: [e-mail] 
 
Expected timetable 
 
                                                                                2017 
 
Latest time and date for receipt of                         11.00 a.m. on 27 January 
commitments under the Initial Placing 
 
Publication of the Initial Issue Prices                                   27 January 
 
Publication of the results of the Initial                                 31 January 
Placing and Offer 
 
Effective Date of the Proposals                                           31 January 
 
Admission and dealings in the Initial                        8.00 a.m. on 1 February 
Placing and Offer Shares commence 
 
CREST accounts of ZDP Shareholders who     as soon as practicable after 8.00 a.m. on 
elect for the Continuation Option                                         1 February 
credited with amended ZDP Shares (for 
holders in uncertificated form) 
 
Consideration expected to be despatched                                   3 February 
to ZDP Shareholders who are deemed to 
have elected for the Cash Option via 
cheque or BACS 
 
Despatch of (i) replacement ZDP Share              in the week commencing 6 February 
certificates to ZDP Shareholders who 
elect for the Continuation Option (to 
holders in certificated form) and (ii) 
despatch of certificates for the Initial 
Placing and Offer Shares (for holders in 
certificated form) 
 
 
All of the times and dates in the expected timetable may be extended or brought 
forward without further notice. If any of the above times and/or dates change 
materially, the revised time(s) and/or date(s) will be notified to Shareholders 
by an announcement through a Regulatory Information Service provider. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 16, 2017 10:34 ET (15:34 GMT)