LONDON - abrdn Property Income Trust Limited announced its plan to return capital to shareholders through the issuance and subsequent redemption of Redeemable Bonus Shares, pending approval at the upcoming shareholder meeting on December 17, 2024. The company intends to distribute the proceeds from the sale of its property portfolio by issuing one Redeemable Bonus Share for each ordinary share held, with a redemption price set at 52 pence per share.
The process is slated to begin with the shares going ex-dividend on December 17, 2024, followed by the record time at 6:00 p.m. on December 18, 2024. Redemption and cancellation of the Redeemable Bonus Shares are expected to occur on December 19, 2024, with payment to shareholders scheduled by December 24, 2024.
In addition to the Return of Capital, abrdn Property Income Trust will also distribute an interim Property Income Dividend (PID) of 3.0 pence per ordinary share, gross of any tax adjustments. This interim PID will go ex-dividend on December 19, 2024, with the record time set for 6:00 p.m. on December 20, 2024, and payment to be made by January 10, 2025.
The announcement is based on a press release statement by the company and represents a financial strategy to distribute funds to its shareholders following the liquidation of its property assets. The planned capital return and interim dividend are part of the company's efforts to deliver value to its investors.
Shareholders of abrdn Property Income Trust Limited are advised to mark the mentioned dates, as they are crucial for participating in the capital return process. The company's move to issue Redeemable Bonus Shares is subject to shareholder approval, which will be sought at the meeting in mid-December.
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