3 July 2024
ABRDN DIVERSIFIED INCOME AND GROWTH PLC
Legal Entity Identifier: 2138003QINEGCHYGW702
Result of General Meeting, implementation of B Share Scheme and timetable for the Initial Return of Capital
The Board of abrdn Diversified Income and Growth plc (the "Company") is pleased to announce that, at the General Meeting of the Company held earlier today, all of the proposed resolutions were approved by Shareholders. As a result, the Board is pleased to be able to implement a B Share Scheme through which an initial distribution to Shareholders of approximately £115 million equivalent to 38 pence per Ordinary Share and approximately 35.4 per cent of the Company's Net Asset Value as at 31 May 2024 (being the latest published Net Asset Value prior to the publication of the Circular), will be made by way of the issue and redemption of B Shares.
Details of the number of proxy votes cast for, against and withheld in respect of the resolutions, which were voted on by way of poll, are set out below and will also be published on the Company's website: https://www.abrdndiversified.co.uk.
| Resolution | Votes For (including Discretionary) | % | Votes Against | % | Votes Total | % Issued Share Capital | Votes Withheld |
| That the Company adopt New Articles of Association which incorporate the rights and restrictions to be attached to the B Shares together with a mechanism to allow the Directors to capitalise reserves from time to time for the purposes of the B Share Scheme (as defined in the Circular). | 83,254,087 | 99.31 | 578,697 | 0.69 | 83,832,784 | 27.83 | 243,155 |
| That the Company authorise the Directors to capitalise from time to time any sums standing to the credit of any reserve of the Company (including, in particular, the Company's special reserve) and to apply such sums for the purposes of paying up in full up to 40,000,000,000 B shares. | 83,305,674 | 99.32 | 571,700 | 0.68 | 83,877,374 | 27.84 | 198,565 |
| That the Company authorises the Directors to allot and issue B shares from time to time up to an aggregate nominal amount of £400,000,000 on a pro rata basis to the holders of ordinary shares by way of one or more bonus issues. | 83,257,688 | 99.32 | 573,045 | 0.68 | 83,830,733 | 27.83 | 245,206 |
The full text of the resolutions can be found in the notice of General Meeting contained in the Company's circular to Shareholders dated 17 June 2024 (the "Circular"). The Circular is available for viewing at the National Storage Mechanism which can be located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website at https://www.abrdndiversified.co.uk.
The B Share Scheme
Pursuant to the authority received from Shareholders at the General Meeting, the Board has resolved to return approximately £115 million in aggregate to Shareholders via an issue of B Shares.
B Shares of one penny each will be paid up from the Company's reserves and issued to all Shareholders by way of a bonus issue on the basis of 800 B Shares for every 21 Ordinary Shares held at the Record Date of 6.00 p.m. on 4 July 2024. The B Shares will be issued on 5 July 2024 and immediately redeemed at one penny per B Share. The Redemption Date in respect of this B Share issue is 5 July 2024. The proceeds from the redemption of the B Shares, which is equivalent to 38 pence per Ordinary Share, will be sent to uncertificated Shareholders through CREST or via cheque or electronic payment to certificated Shareholders. The Initial Return of Capital represents approximately 35.4 per cent. of the Company's Net Asset Value as at 31 May 2024, being the latest published Net Asset Value prior to the publication of the Circular.
Timetable for the Initial Return of Capital
It is expected that the timetable will be as follows:
2024
| Ex Date in respect of the Initial Return of Capital | 3 July |
| Record Date in respect of Initial Return of Capital | 6.00 p.m. on 4 July |
| Issue and allotment of B Shares in respect of the Initial Return of Capital | 5 July |
| Redemption Date in respect of Initial Return of Capital | 5 July |
| Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders credited with funds, in each case in respect of the first Return of Capital | by 10 July |
Defined terms used in this announcement have the meanings given in the Circular published by the Company on 17 June 2024 unless the context otherwise requires.
| Enquiries: | |
| abrdn Diversified Income and Growth plc | |
| Davina Walter (Chairman) | via Buchanan |
| Dickson Minto Advisers | |
| Douglas Armstrong | +44 (0)20 7649 6823 |
| Buchanan | |
| Helen Tarbet / Henry Wilson | +44 (0)20 7466 5000 |
| George Beale / Verity Parker | ADIG@buchanancomms.co.uk |
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