Business
Publication of Circular and Notice of GM
Publication of Circular and Notice of GM.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \n \nFOR IMMEDIATE RELEASE\n \n14 May 2024\n \n \nabrdn Property Income Trust Limited\n \n(a non-cellular company limited by shares incorporated in Guernsey with registration number 41352)\n \nLEI Number: 549300HHFBWZRKC7RW84\nPublication of Circular and Notice of General Meeting\nFurther to abrdn Property Income Trust Limited's (\"API\" or the \"Company\") previous announcements and as set out in the recently published Annual Report and Accounts for the financial year ended 31 December 2023, the Board of API announces that a circular (\"Circular\") to convene a general meeting of API Shareholders (the \"General Meeting\") will be published today and sent to API Shareholders to allow them to consider and, if thought fit, approve a change to API's investment policy in order to implement a Managed Wind-Down.\nUnder the proposed Managed Wind-Down process, the Company will be managed with the intention of realising all of the assets in its portfolio in an orderly manner, with a view to repaying borrowings and making timely returns of capital to Shareholders whilst aiming to obtain the best achievable value for the Company's assets at the time of their realisations. Pursuant to its comprehensive review of API's strategic options, the Board believes that a Managed Wind-Down is now the best means of maximising value for API Shareholders, given the challenges API would continue to face as a standalone company and the potential to dispose of API's assets in the direct property market at higher values than those implied by API's share price.\nThe required change to API's investment policy is conditional on the approval of API's Shareholders. To approve the change in investment policy, shareholders who together represent a majority of the API shares voted at the General Meeting (whether in person or by proxy) must vote to approve the resolution put to the General Meeting. API Shareholders should read the whole of the Circular, in particular, the letter from the Chair, which contains the unanimous recommendation from the API Board that API Shareholders vote in favour of the chan...