15 Mar 2023 07:00
abrdn Latin American Income Fund Limited
Legal Entity Identifier (LEI): 549300DN623WEGE2MY04
15 March 2023
Proposal to Liquidate the Company
The Board of abrdn Latin American Income Fund Limited (the "Company") announces that proposals will be put forward for the Company to be placed into summary winding up (the Jersey solvent liquidation process commenced by members' special resolution), with the cash proceeds of the liquidation being returned to shareholders (the "Proposals").
While the Board believes that the Company's strategy remains attractive in the longer term, it is aware that the Company's small size makes it difficult to attract significant demand for its shares and that the discount at which the shares trade to net asset value is likely to persist.
The Board has considered the views of its largest shareholder and its professional advisors and, taking into account the composition of the share register as a whole, believes that the Proposals are in the best interests of shareholders.
The Company will publish a Circular in due course setting out details of the Proposals and to convene an Extraordinary General Meeting at which approval for the Proposals will be sought from shareholders. It is anticipated that, if shareholder approval is forthcoming, the Company would be placed into summary winding up by the end of May 2023.
The Board will recommend that shareholders vote in favour of the Proposals.
This announcement contains inside information for the purposes of Article 7 of Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and as amended ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
abrdn Capital International Limited
Secretary
Enquiries
Howard Myles, Chairman, via Singer Capital Markets
Robert Peel, Singer Capital Markets, +44 20 7496 3000