Aberdeen Private Equity Fund Ltd Third Compulsory Redemption (7465R)

TIDMAPEF

RNS Number : 7465R

Aberdeen Private Equity Fund Ltd

18 June 2018

18 June 2018

Aberdeen Private Equity Fund Limited (the "Company")

THIRD COMPULSORY REDEMPTION OF SHARES AND PROPOSED CANCELLATION OF LISTING

   --      REDEMPTION DATE 22 JUNE 2018 
   --      THE COMPANY WILL RETURN GBP1.2 MILLION TO SHAREHOLDERS 
   --      REPRESENTS 93% OF NET ASSETS AT 14 JUNE 2018 

Further to the Company's previous announcements and as per the Compulsory Redemption mechanism outlined in the Company's Circular dated 1 February 2018, the Board of Directors of Aberdeen Private Equity Fund Limited is pleased to announce a third capital distribution in respect of the Company's Ordinary shares (the "Redemption"). The Company has resolved to return a total of GBP1.2 million (the equivalent of approximately 93% of net assets as at 14 June 2018) to Shareholders on the register as at close of business on 21 June 2018 (the "Redemption Record Date") by way of a compulsory partial redemption of Shares.

The number of shares to be redeemed in aggregate in this third redemption represents approximately 50% of the Company's issued share capital as at close of business on the Redemption Record Date. The percentage of Shares being redeemed has been determined at the Directors' sole discretion, as set out previously in the announcement of 4 April 2018, and does not relate to the percentage of proceeds being distributed.

Payment will be made on 28 June 2018 being the redemption payment date (the "Redemption Payment Date"). The redemption price will be 8.8 pence for each Share being redeemed (the "Redemption Price"). The Redemption will be effected pro rata to the holdings of Shares on the register on the Redemption Record Date.

The Company currently has 27,226,397 Shares in issue. All of the Shares redeemed will be cancelled and any fractions of shares will be rounded down to the nearest whole share as appropriate.

All existing Shares will be traded under the existing ISIN number GG00BFNS0161 (the "Old ISIN") until close of business on the Redemption Record Date. The Shares being redeemed will be disabled in CREST after close of business on the Redemption Record Date and the Old ISIN will expire. These shares will be cancelled and all proceeds of the Redemption will be paid in pounds Sterling on or around the Redemption Payment Date.

The new ISIN number GG00BFMDJ822 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions from 08:00 a.m. on 22 June 2018. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

Inclusive of this redemption, the Company will have returned GBP152.8 million to Shareholders, or approximately 94.5% of the Company's 30 November 2017 NAV, the prevailing NAV at the time when the Company announced it had entered into a Sale and Purchase Agreement to sell its entire investment portfolio.

Expected timetable:

 
  Redemption Record Date          21 June 2018 
  Redemption Date and new ISIN    22 June 2018 
   enabled 
                                -------------- 
  Redemption Payment Date (on     28 June 2018 
   or around) 
                                -------------- 
 

The Circular detailed proposals to appoint liquidators and cancel the listing of the Company's shares from the Premium Listing Segment of the Official List and to trading on the Main Market of the London Stock Exchange.

The Circular also contained a notice of extraordinary general meeting ("EGM") to take place on 29 June 2018 at 10:00 a.m. at 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL. The deadline for proxy votes is 10:00 a.m. on 27 June 2018.

Subject to the passing of the resolutions at the EGM, it is expected that cancellation will become effective at 7.00 a.m. on 2 July 2018.

Terms not defined in this announcement shall have the same meaning as those defined in the Circular.

LEI: 213800V526XNYNLZPV78

For further information, please contact:

Ipes (Guernsey) Limited

Nicholas Robilliard

T: [phone]

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June 18, 2018 09:24 ET (13:24 GMT)