LONDON - abrdn Diversified Income and Growth PLC announced the publication of a circular detailing proposals for a capital reduction and an amendment to the company's articles of association. The board aims to progress the managed wind-down approved on February 27, 2024, by returning cash to shareholders in the form of capital.
The capital reduction will cancel the amount standing to the credit of the company's capital redemption reserve. Subject to shareholder and court approval, this move will create distributable reserves available for shareholder distribution as permitted under the Companies Act.
In addition, the board suggests amending the articles to eliminate the requirement for a continuation vote at each annual general meeting, providing continuity during the wind-down process. This amendment reflects the clear mandate from shareholders and aims to offer certainty moving forward.
Shareholders will vote on these proposals at a general meeting scheduled for 10:30 a.m. on December 23, 2024, at the offices of Dickson Minto LLP in London. The circular, which includes further details and the notice of the general meeting, will be accessible on the company's website and the National Storage Mechanism.
The proposed capital reduction and amendment to the articles remain conditional on shareholder approval. The company has set the latest time and date for the receipt of proxy forms at 10:30 a.m. on December 19, 2024, with the record time for the general meeting set for 6:30 p.m. on the same day.
This move comes as part of the company's strategy to wind down operations and return capital to shareholders, a decision backed by shareholders earlier this year. The information is based on a press release statement.
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