Aberdeen Asian Smaller Companies Investment Trust PLC (the "Company")
Legal Entity Identifier (LEI): 5493000FBZP1J92OQY70
13 February 2018
Convertible Unsecured Loan Stock - update
Following the Company's announcement on 26 January 2018 regarding the Company's Convertible Unsecured Loan Stock ("CULS") the Board has commissioned its advisers to develop a detailed proposal to the Company's shareholders and CULS holders in relation to restructuring the current CULS.
As previously communicated, the proposal is currently being formulated but is expected to include:
- a conversion of the existing CULS into new CULS so as to extend their life, reduce the coupon, increase conversion price and at the same time provide holders of the new CULS with a nominal value which will recognise the intrinsic value of the existing CULS on the effective date;
- an opportunity for existing CULS holders who do not wish to convert their existing CULS to have a special conversion right to convert their existing CULS into ordinary shares; and
- an issue of additional convertible loan stock on the new terms up to maximum value (including any amount rolled over) of £50 million, subject to demand.
The Board currently expects the pricing of the new CULS may be in the following range:
- Coupon in a range of 1.75% to 2.25%;
- Conversion price to be set a premium to NAV at admission date in a range of 20% to 30%.
The life of the new CULS is expected to be in the range of 6 - 7 years.
A further announcement is expected to be made in the next two months and, should the Company decide to proceed with the transaction and finalise its terms, the proposals would be put to an EGM with a view to them coming into effect in April / May 2018.
Contact Details:
Panmure Gordon
Paul Fincham / Jonathan Becher
0207 886 2500
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