11 February 2025
Asia Dragon Trust
plc
Legal
Entity Identifier: 549300W4KB0D75D1N730
Results of
Elections
The Board of Asia Dragon Trust plc
(the "Company") announces
that, in connection with the proposed combination with Invesco Asia
Trust plc, to be implemented by way of a scheme of reconstruction
and members' voluntary winding up of the Company under section 110
of the Insolvency Act (the "Scheme"), the Board is pleased to
announce the following elections in connection with the
Scheme:
·
Rollover Option: 48,311,615 shares/ 30.92 per
cent. of issued Shares
·
Cash Option: 107,913,668 shares/ 69.08 per cent.
of issued Shares
The Cash Option, which is limited to
25 per cent. of the Shares in issue, less treasury shares, was
therefore oversubscribed. Accordingly, the Basic Entitlement of all
Shareholders who have validly elected or deemed to have elected for
the Cash Option will be accepted in full and Excess Applications
for the Cash Option will be scaled back into New IAT Shares on a
pro rata basis. Excess Applications will be satisfied to the extent
of approximately 10.07 per cent. of the Excess Applications
made.
In accordance with the Scheme,
eligible Shareholders that made no Election have been deemed to
have elected for the Rollover Option.
Accordingly, after scaling back
Excess Applications, 75 per cent. of the Company's Shares will
rollover into new IAT Shares, with the balance receiving the Cash
Option. Therefore, the Shares will be reclassified as
follows:
·
117,168,963 Shares with "A" rights, being the
right to receive new IAT Shares; and
·
39,056,320 Shares with "B" rights, being the right
to receive cash.
The listing of the Company's
Reclassified Shares is expected to be suspended at 7.30 am, on 13
February 2025.
Defined terms used in this
announcement have the meanings given in the Company's circular to
Shareholders dated 18 December 2024 (the "Circular"), unless the
context otherwise requires.
The Circular is available for
viewing on the Company's website, www.asiadragontrust.co.uk and at
the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information please
contact:
|
Asia Dragon Trust plc
James Will
|
Contact via Winterflood
|
|
Winterflood Securities Limited
Neil Langford
Sophia Bechev
|
+44 (0) 20 3100 0000
|
