Aberforth Geared Income Trust plc ("AGIT") and Aberforth Split Level Income
Trust plc ("ASLIT")
30 June 2017
RESULTS OF GENERAL MEETING, SCHEME OF RECONSTRUCTION, PLACING AND OFFER FOR
SUBSCRIPTION AND APPLICATION FOR ADMISSION
At a general meeting of AGIT held earlier today the special resolution proposed
to wind up AGIT voluntarily under the provisions of the Insolvency Act 1986 and
appoint Derek Neil Hyslop and Colin Peter Dempster of Ernst & Young LLP as
liquidators was passed by AGIT's Ordinary Shareholders on a show of hands.
A total of 60.6 million proxy votes were received, representing 55.4 per cent.
of the 109.5 million AGIT Ordinary Shares in issue, in respect of this
resolution at the general meeting. Of the proxy votes cast, over 99 per cent.
were cast in favour of the special resolution. The table, set out at the
bottom of this Announcement, shows the full results of the proxy voting.
Pursuant to the scheme of reconstruction of AGIT under section 110 of the
Insolvency Act 1986 (the "Scheme") and the ASLIT Placing and Offer for
Subscription, the Directors of ASLIT have resolved to allot 190,249,900 million
ASLIT Ordinary Shares and 47,562,500 ASLIT ZDP Shares. ASLIT already has 100
ASLIT Ordinary Shares in issue.
The Scheme has become unconditional.
Application has been made for the ASLIT Ordinary Shares and the ASLIT ZDP
Shares to be admitted to the listing on the premium and standard segments of
the Official List respectively and to trading on the main market of the London
Stock Exchange at 8.00 a.m. on 3 July 2017 ("Admission").
Following Admission ASLIT will have 190,250,000 Ordinary Shares each carrying
one voting right per share and 47,562,500 ZDP Shares each carrying voting
rights in the limited circumstances set out in the articles of association of
ASLIT.
Details of the Proxy Votes
For Against Total Votes Withheld
1) Special 60,638,352 456 60,638,808 166,713
Resolution
Given the first special resolution set out in the notice of the general meeting
which was sent to AGIT's shareholders with the circular dated 19 May 2017 (the
"Notice") was passed by AGIT's Ordinary Shareholders, the second special
resolution set out in the Notice was withdrawn.
A copy of the special resolution passed at the general meeting has been
submitted to the National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM.
For further information please contact:
Investment Managers
Aberforth Partners LLP +44 (0) 131 220 0733
Euan Macdonald
Alistair Whyte
Advisers to AGIT
Dickson Minto W.S. +44 (0) 207 649 6823
Douglas Armstrong
Advisers to ASLIT
J.P. Morgan Cazenove (JPMC) +44 (0) 207 742 4000
William Simmonds
Edward Gibson-Watt
Oliver Kenyon
Kepler Partners LLP +44 (0) 203 384 8796
Hugh van Cutsem