GUERNSEY - Shareholders of abrdn Property Income Trust Limited (API) have voted in favor of amending the company's Articles of Incorporation, paving the way for a return of capital to shareholders and a future voluntary winding-up of the company. The decision followed a general meeting held on Tuesday.
The approved special resolution will enable API to return capital through the issuance and immediate redemption of Redeemable Bonus Shares, amounting to 52 pence per share, totaling approximately £198.23 million. In addition to this capital return, the company has declared an interim Property Income Distribution (PID) of 3 pence per share, amounting to a gross distribution of £11.44 million.
The Redeemable Bonus Shares will be issued to shareholders on record as of 6:00 p.m. on December 18, 2024, and are expected to be redeemed and canceled on December 19, 2024. The payments from the redeemed shares are scheduled to be dispatched or credited by December 24, 2024. The ex-dividend date for the interim PID is also set for December 19, 2024, with payments expected to be completed by January 10, 2025.
In conjunction with these financial changes, API announced board transitions, with James Clifton-Brown, Jill May, and Sarah Slater stepping down on December 31, 2024. Michael Balfour is set to take over as Chairman starting January 1, 2025, with Michael Bane assuming the role of Senior Independent (LON:IOG) Director and Chair of the Audit Committee.
The timeline for the voluntary winding-up of the company will be determined by various factors detailed in the circular provided to shareholders. The company will notify shareholders and provide an outline timetable before entering into voluntary winding-up. At that point, trading of API shares will be suspended, and shareholders will not be able to sell or transfer their shares.
The information for this report is based on a press release statement from abrdn Property Income Trust Limited.
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