Scheme Calculations And Update On Recommended Proposals

 
TIDMAFHC 
 
ABERFORTH GEARED CAPITAL & INCOME TRUST PLC 
 
SCHEME CALCULATIONS AND UPDATE ON RECOMMENDED PROPOSALS 
 
Further to the election results in connection with the reconstruction and 
winding up of the Company announced on 28 July 2011, the Board confirms the TAV 
per Income Share, the FAV per Capital Share and the AGIT FAV per Ordinary Share 
that will be used for the calculation of entitlements under the recommended 
Scheme (the "Scheme") for the acquisition of the Company's assets by Aberforth 
Geared Income Trust plc ("AGIT"). 
 
Under the terms of the Scheme, details of which were set out in the circular to 
Shareholders dated 28 June 2011, the TAV per Income Share (being the 
entitlement of an Income Share pursuant to the Scheme, calculated on the basis 
of the net asset value of the Company as at close of business on 3 August 2011 
(the "Calculation Date")) was 100.00p and the FAV per Capital Share (being the 
entitlement of a Capital Share pursuant to the Scheme) was 532.36p. 
 
The AGIT FAV per Ordinary Share (being the net asset value of AGIT attributable 
to the AGIT Ordinary Shares as at the Calculation Date, as adjusted and 
calculated in accordance with the Scheme) was 105.41p. 
 
The TAV per Income Share, the FAV per Capital Share and the AGIT FAV per 
Ordinary Share have been reviewed by AGCIT's and AGIT's respective auditors. 
 
Based on the Income TAV, the Capital FAV and the AGIT Ordinary FAV set out 
above, an AGCIT Income Shareholder who elects for the Rollover Option in 
respect of any Income Shares would receive approximately 0.949 New AGIT 
Ordinary Shares under the Scheme in respect of each such Income Share held and 
an AGCIT Capital Shareholder who elects for the Rollover Option in respect of 
any Capital Shares would receive approximately 5.050 New AGIT Ordinary Shares 
under the Scheme in respect of each such Capital Share held. 
 
The Scheme remains conditional on, among other conditions, the passing of the 
special resolution to place the Company into members' voluntary liquidation 
which will be proposed at the general meeting of the Company convened for 9 
August 2011. The Scheme will not become effective unless the resolution is 
passed. 
 
The Net Asset Values for the above Company as at the close of business on 3 
August 2011 were:- 
 
Capital Share (per Articles but excluding costs relating to the Scheme) = 
534.27p 
 
Income Share (including current year revenue) = 101.30p 
 
Enquiries: 
 
David Ross                             0131 220 0733 
 
John Evans 
 
Alan Waite 
 
Aberforth Partners LLP 
 
Douglas Armstrong                      020 7628 4455 
 
Dickson Minto W.S. 
 
Capitalised terms shall bear the meanings given to them in the Company's 
Circular dated 28 June 2011 unless the context otherwise requires. 
 
END