TIDMAAS
RNS Number : 9893M
Aberdeen Asian Smaller Co's Inv Tst
19 October 2016
Aberdeen Asian Smaller Companies Investment Trust PLC (the
"Company")
3.5 per cent. Convertible Unsecured Loan Stock 2019
19 October 2016
Reminder to CULS Holders of Conversion Rights
The Company reminds holders ("CULS Holders") of 3.5 per cent.
convertible unsecured loan stock 2019 ("CULS") constituted by the
Trust Deed dated 17 May 2012 that they have the right to convert
("Conversion Right") the whole or such part (being an integral
multiple of GBP1 nominal) of their CULS as they may specify into
fully paid Ordinary shares of 25p each in the capital of the
Company ("Ordinary Shares") at any time during the period of 28
days ending on 30 November 2016 (the "Conversion Date") in
accordance with the terms of issue of the CULS which were set out
in the prospectus of the Company dated 23 April 2012.
This announcement is issued by way of a reminder only and is not
to be read as a recommendation to CULS Holders to exercise their
Conversion Rights. You are not obliged to exercise your right to
convert and if you do not convert on this occasion you will have
further opportunities to do so in May and November each year up to
31 May 2019. Notices will be issued via RNS reminding CULS Holders
who do not exercise their Conversion Rights in full on this
occasion of their rights to convert at subsequent
opportunities.
Basis of Conversion
The number of Ordinary Shares to be issued by the Company on the
exercise of a Conversion Right shall be determined by dividing the
nominal amount of the CULS to be converted by the conversion price
of 830 pence. Fractions of Ordinary Shares will not be issued on
exercise of Conversion Rights, and no payment of cash or other
adjustment will be made in lieu thereof.
Considerations for CULS Holders
Whether or not CULS Holders decide to convert their CULS will
depend, among other things, on their own individual circumstances
including their tax positions. The following factor may be of
relevance for CULS Holders considering whether to convert their
CULS:
Market value: The market value of the Ordinary Shares into which
the CULS would convert is currently above the market value of the
CULS. By way of example, GBP100 nominal of CULS had a mid-market
value of GBP117.75 as at 18 October 2016. GBP100 nominal of CULS
would convert into 12 Ordinary Shares, which would have had a
mid-market value of approximately GBP118.98 on the same date. This
represents GBP1.23 more than the mid-market value of the CULS.
Note: The above analysis is based on the information set out in
the Schedule and does not take into account any tax which might be
payable on CULS Holders' capital returns.
CULS held in certificated form
Holders of CULS in certificated form should refer to the
instructions on their CULS certificate(s). In order to exercise the
Conversion Rights which are conferred by any CULS held in
certificated form, the CULS Holder must lodge the relevant CULS
certificate(s) at the office of the Company's Registrars, Equiniti
Limited, Aspect House, Spencer Road, Lancing, West Susex BN99 6DA
during the period of 28 days ending on 30 November 2016 at 5.00pm,
having completed and signed the notice of exercise of Conversion
Rights thereon. Once lodged, a notice of exercise of Conversion
Rights shall be irrevocable, save with the consent of the
Company.
CULS held in uncertificated form
CREST members should refer to the CREST Manual for information
on the CREST procedures and authentication required to effect
conversion. The Conversion Rights which are conferred by any CULS
held in uncertificated form shall be exercisable if an
uncertificated conversion notice is received during the period of
28 days ending on 30 November 2016 at 1.00pm. The prescribed form
of uncertificated conversion notice is an Unmatched Stock Event
("USE") instruction which, on settlement will have the effect of
crediting a stock account of the Registrar in accordance with the
details specified below. The USE instruction must be properly
authenticated in accordance with Euroclear's specifications and
must contain the following details in addition to any other
information required:
(a) the nominal amount of CULS in respect of which Conversion
Rights are being exercised;
(b) the participant ID of the CULS Holder;
(c) the member account ID of the CULS Holder;
(d) the Registrar's participant ID: this is: 5RA74;
(e) the Registrar's member account ID: this is: RA161622
(f) the corporate action number, which will be allocated by
Euroclear and can be found by viewing the relevant corporate action
details in CREST;
(g) the corporate action ISIN: this is: GB00B7ZMLM88; and
(h) the intended settlement date: this will be 30 November 2016.
The USE instruction should be input to settle by no later than
1.00pm on 30 November 2016 in order to receive Ordinary Shares
arising from conversion within 14 days thereafter. Once lodged, an
uncertificated conversion notice shall be irrevocable, save with
the consent of the Company.
Issue of Ordinary shares
Ordinary Shares arising on conversion will be sent in
certificated form where CULS is held in certificated form, and
uncertificated form where CULS is held in uncertificated form.
Ordinary Shares allotted pursuant to the exercise of Conversion
Rights will be allotted not later than 14 days after, and with
effect from, the Conversion Date.
Certificates for Ordinary Shares, and certificates for the
balance of any CULS not converted, will be despatched to holder(s)
in accordance with their instructions not later than 28 days after
the Conversion Date.
The Registrar will instruct Euroclear to credit the Participant
ID and Member ID Account as specified in validly received
uncertificated conversion notices with the number of Ordinary
Shares arising on conversion, and the balance of any CULS not
converted, by no later than the date upon which dealings in the
Ordinary Shares are due to commence, which will be within 14 days
from the Conversion Date.
Interest on CULS converted will be payable up to (but excluding)
30 November 2016 and will cease to accrue thereafter.
Enquiries
If you have any queries regarding the above procedures, these
should be referred to the Company's Registrar, Equiniti Limited, on
tel: 0371 384 2260 (from within the UK). This helpline is available
between 8.30am and 5.30pm (UK time) Monday to Friday (except public
holidays in England and Wales) or +44 (0)121 415 7589 (from outside
the UK). Calls from outside the UK will be charged at international
rates. Please note that calls may be monitored or recorded.
For and on behalf of Aberdeen Asian Smaller Companies Investment
Trust PLC
18 October 2016
Schedule 1:
Market Prices of CULS and Ordinary Shares (derived from
Bloomberg) and NAV of the Ordinary Shares:
2016 Ordinary CULS Price (p) NAV
Share Price (p) (diluted cum inc)
(p)
------------------ ----------------- --------------- -------------------
3 May 2016 783 110.125 917.22
------------------ ----------------- --------------- -------------------
1 June 2016 782 112.125 903.63
------------------ ----------------- --------------- -------------------
1 July 2016 862 110.5 1003.28
------------------ ----------------- --------------- -------------------
1 August 2016 927 114.75 1052.91
------------------ ----------------- --------------- -------------------
1 September 2016 948.5 117 1075.76
------------------ ----------------- --------------- -------------------
3 October 2016 951 116.75 1110.83
------------------ ----------------- --------------- -------------------
18 October 2016 991.5 117.75 1154.97
------------------ ----------------- --------------- -------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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