LONDON (Alliance News) – Aberforth Geared Income Trust PLC on Friday gave more detail about its proposed transition into Aberforth Split Level Income Trust PLC, as it prepares for its final winding up.
As announced in April, Aberforth Split Level will be launched as a rollover option for investors in the Geared Income trust from the end of June, investing in a portfolio of small UK-quoted companies. Aberforth Partners will continue as investment manager.
Aberforth Split Level’s capital structure will comprise ordinary shares and zero dividend preference shares in a 4-to-1 ratio, both issued at 100 pence each.
On Friday, Aberforth Geared Income said its shareholders will be able to excahnge some or all of their investment for shares in the Split Level trust, or realise their investment for cash. Zero dividend preference shareholders will be entitled to elect to receive a cash amount in respect of their final capital entitlement of 159.7p per ZDP share.
Shares in Aberforth Geared Income were down 0.5% at 238.38 pence Friday.
By Adam Clark; firstname.lastname@example.org
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