Acorn Income Fund Publication of Elections & Residual NAV per Ord. Share

 
TIDMAIF TIDMAIFZ 
 
ACORN INCOME FUND LIMITED (in Liquidation) 
 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 34778) 
 
                           LEI 213800UAZN7G46AHQM67 
 
12 November 2021 
 
          Acorn Income Fund Limited (in Liquidation) (the "Company") 
 
   Publication of Elections and Residual Net Asset Value per Ordinary Share 
 
Further to the Company's announcement on 12 October 2021, in which the Company 
was placed into liquidation, the Company announces the elections from Ordinary 
Shareholders (including deemed elections) and Residual NAV per Ordinary Share 
under the terms of the Scheme: 
 
Elections 
 
Shares Option (A Shares): 8,721,365 Ordinary Shares with "A" rights, being 
Ordinary Shares with the entitlement to receive income shares in Unicorn UK 
Income Fund ("UKI Shares"), an open ended fund managed by Unicorn Asset 
Management. 
 
Cash Option (B Shares): 7,095,322 Ordinary Shares with "B" rights, being 
Ordinary Shares with the entitlement to receive cash. 
 
Residual NAV per Share 
 
The Residual NAV is £64,965,033.24 and the Residual NAV per Share as at the 
Calculation Date of 9 November 2021 is 410.7373 pence. Of this Residual NAV, £ 
706,870.00 equivalent to 4.4691 pence per Ordinary Share, will be transferred 
to the Retention Fund held by the Liquidators. These amounts are in respect of 
a single security from the fixed interest portfolio that the Liquidator has 
been unable to sell, and which does not meet the investment objective of 
Unicorn UK Income Fund and therefore is deemed inappropriate to be part of the 
in specie transfer of assets, and the Liquidators' retention of £10,000. Cash 
received from future sales of this security will be returned to all Ordinary 
Shareholders (on the register as at the Record Date), both those electing for 
the Cash Option and those electing for the Shares Option, on a pro rata basis 
at a later date. Although the security may be sold sooner, for guidance, it has 
a maturity date in 2024 when it is currently expected to redeem at par. 
 
The remaining balance of £64,258,163.24 equivalent to 406.2682 pence per 
Ordinary Share, will be divided between electors for the Cash Option and the 
Shares Option in the same proportions as the elections as stated above. 
Therefore, Ordinary Shareholders will imminently receive the following cash and 
/or number of UKI Shares: 
 
  * For Ordinary Shareholders that elected to receive UKI Shares, each Ordinary 
    Share with "A" rights attached to it will receive 1 UKI Share and the 
    opening NAV of each UKI Share will equal 406.2682 pence. 
  * For Ordinary Shareholders that elected for the Cash Option, each Ordinary 
    Share with "B" rights attached to it will receive 406.2682 pence in cash. 
    Cheques are expected to be despatched and electronic bank transfers made in 
    respect of the Cash Option during the week commencing 15 November 2021. 
    Entitlements shall be rounded down to the nearest £0.01, as the case may 
    be. 
 
Repayment of ZDP shares 
 
The ZDP shareholders will be paid the Final Capital Entitlement in cash equal 
to the aggregate ZDP Final Capital Entitlement as at 28 February 2022. The 
payment date for this entitlement is expected to be during the week commencing 
15 November 2021. 
 
Suspension and Cancellation of Shares 
 
Applications have been made to the FCA and the London Stock Exchange for the 
cancellation of listing and trading of the Company's Ordinary Shares and Zero 
Dividend Preference Shares which occurred at 8am on 12 November 2021. 
 
Defined terms used in this announcement have the meanings given in the circular 
published by the Company on 23 September 2021 unless the context otherwise 
requires. 
 
For information please contact: 
 
Acorn Income Fund Limited (in Liquidation) 
 
c/o the Joint Liquidators 
Lefebvre House 
Lefebvre Street 
St Peter Port 
Guernsey 
GY1 3TF 
 
Tel:      [phone] 
 
Northern Trust International Fund Administration Services (Guernsey) Limited 
The Company Secretary 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
Tel:      [phone] 
 
END 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 12, 2021 09:43 ET (14:43 GMT)