30 Jan 2017 10:46
Acorn Income Fund - Results of ProposalsAcorn Income Fund - Results of Proposals
PR Newswire
London, January 30
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular dated 29 November 2016.
30 January 2017
Acorn Income Fund Limited
(the “Company”)
Result of Proposals
Further to the Company’s announcements of 29 November 2016 and 16 January 2017, the Board announces the results of the Proposals.
ZDP Shares
Following implementation of the Proposals, the Company will have 21,365,221 ZDP Shares in issue with an attractive 3.85% per annum cost of capital over the approximately five year period to the ZDP Repayment Date of 28 February 2022. Additionally the Company will continue to hold 1,712,757 ZDP Shares in treasury.
The Company has previously announced that 19,523,014 ZDP Shares were elected for the Continuation Offer and today announces that 1,842,207 New ZDP Shares will be issued through the Initial Placing at 140.0p, which represents a premium of 1.4% to the opening NAV per New ZDP Share.
The Initial Placing of New ZDP Shares was significantly oversubscribed with demand from existing and new investors.
The ZDP Shares will continue to trade under the TIDM of AIFZ but with effect from 1 February 2017 will trade under the new ISIN of GG00BYMJ7X48.
Ordinary Shares
Following implementation of the Proposals, the Company will have 15,916,687 Ordinary Shares in issue. Additionally the Company will continue to hold 1,275,972 Ordinary Shares in treasury.
The Company announces that 5,995 New Ordinary Shares will be issued through the Initial Placing and Offer for Subscription at 425.05p, which represents a premium of 1.0% to the NAV per Ordinary Share as at the Calculation Date of 25 January 2017.
The Company received a greater level of demand for New Ordinary Shares through the Initial Placing and Offer for Subscription but, given that the market price has recently been trading at a significant discount to NAV and therefore to the Initial Issue Price, all applicants were given the opportunity to withdraw and the vast majority did so.
The Ordinary Shares will continue to trade under the TIDM of AIF and the ISIN of GB0004829437.
Applications for listing and admission to trading
Applications have been made for the New Ordinary Shares to be admitted to the premium segments of the Official List and the Main Market, and for the New ZDP Shares to be admitted to the standard segment of the Official List and the premium segment of the Main Market. It is expected that dealings in the New Shares will commence at 8 a.m. on 1 February 2017.
For further information please contactBroker, Financial Adviser and Sponsor:Numis Securities LimitedNathan Brown, Corporate Broking and AdvisoryTel. +44 (0) 20 7260 1426Email: n.brown@numis.comInvestment Manager:Premier Fund Managers LimitedNigel SidebottomTel: +44 (0) 1483 400 465Email: nigelsidebottom@premierfunds.co.ukCompany Secretary:Northern Trust International Fund Administration Services (Guernsey) LimitedCara De La MareTel: +44 (0) 1481 745498Email: cd109@ntrs.com
Expected timetable
| 2017 | |
| Effective Date of the Proposals | 31 January |
| Admission and dealings in the Initial Placing and Offer Shares commence | 8.00 a.m. on 1 February |
| CREST accounts of ZDP Shareholders who elect for the Continuation Option credited with amended ZDP Shares (for holders in uncertificated form) | as soon as practicable after 8.00 a.m. on 1 February |
| CREST trade date for purchasers of New ZDP Shares | 1 February |
| CREST settlement date for purchasers of New ZDP Shares | 3 February |
| Consideration expected to be despatched to ZDP Shareholders who are deemed to have elected for the Cash Option via cheque or BACS | 3 February |
| Despatch of (i) replacement ZDP Share certificates to ZDP Shareholders who elect for the Continuation Option (to holders in certificated form) and (ii) despatch of certificates for the Initial Placing and Offer Shares (for holders in certificated form) | Week commencing 6 February |
All of the times and dates in the expected timetable may be extended or brought forward without further notice. If any of the above times and/or dates change materially, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a Regulatory Information Service provider.