8 March 2024
ABRDN CHINA INVESTMENT COMPANY LIMITED
LEI: 213800RIA1NX8DP4P938
Result of Elections
In connection with the proposals for
a combination of the assets of abrdn China Investment Company
Limited (the "Company")
with Fidelity China Special Situations plc ("FCSS") to be effected by way of a
Guernsey scheme of reconstruction and winding up of the Company
(the "Scheme"), the Company
is pleased to announce that the following elections (including
deemed elections) have been received in connection with the
Scheme:
· Rollover Option: 5,046,222 Shares
· Cash
Option: 37,606,087 Shares
The Cash Option, which is limited to
33 per cent. of the Shares in issue, less treasury shares, was
therefore oversubscribed. Accordingly, the Basic Entitlement of all
Shareholders who have validly elected or deemed to have elected for
the Cash Option will be accepted in full and Excess Applications
for the Cash Option will be scaled back into New FCSS Shares on a
pro rata basis. Excess Applications will be satisfied to the extent
of approximately 5.615723 per cent. of the Excess Applications
made.
In accordance with the Scheme,
eligible Shareholders that made no Election have been deemed to
have elected for the Rollover Option.
Accordingly, after scaling back
Excess Applications, 67.0 per cent. of the Company's Shares will
rollover into New FCSS Shares, with the balance receiving the Cash
Option.
Therefore, the Shares will be
reclassified as follows:
· 28,577,048 Shares with "A" rights, being the right to receive
New FCSS Shares; and
· 14,075,261 Shares with "B" rights, being the right to receive
cash.
The amendment to the listing of the
Shares into Reclassified Shares has been requested and is expected
to take effect at 8:00 a.m. on 12 March 2024, and the listing of
the Reclassified Shares is subsequently expected to be suspended
from 7:30 am on 13 March 2024.
Capitalised terms used but not
defined in this announcement will have the same meaning as set out
in the Circular dated 16 February 2024.
ENQUIRIES
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abrdn Holdings Limited, Company Secretary
Paul Evitt (Company Secretary)
Evan Bruce-Gardyne (Client Director)
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+44 131
372 9375
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Link Registrars, Receiving Agent
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+44 371
664 0321
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Shore Capital, Financial Adviser and
Broker
Rose Ramsden, Angus Murphy (Corporate Advisory)
Henry Willcocks, Fiona Conroy (Corporate Broking)
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+44 20
7408 4090
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