PR Newswire
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
11-Jun-2025
6. Date on which Issuer notified
13-Jun-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 5.486409 0.000000 5.4864098. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
12. Date of Completion
13-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name
City of registered office
Country of registered office
UBS AG
London
United Kingdom
5. Date on which the threshold was crossed or reached
10-Jun-2025
6. Date on which Issuer notified
12-Jun-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.486409
0.000000
5.486409
20915231
Position of previous notification (if applicable)
0.000000
0.000000
0.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
20915231
5.486409
Sub Total 8.A
20915231
5.486409%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
5.486409
5.486409%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
12-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
05-Jun-2025
6. Date on which Issuer notified
09-Jun-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
0.000000
0.000000
0.000000
0
Position of previous notification (if applicable)
8.472160
0.000000
8.472160
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
0
0.000000
Sub Total 8.A
0
0.000000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Limited fell below 5% and are therefore exempt from reporting.
12. Date of Completion
09-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name City of registered office Country of registered office UBS AG London United Kingdom5. Date on which the threshold was crossed or reached
04-Jun-2025
6. Date on which Issuer notified
06-Jun-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 8.472160 0.000000 8.472160 32297481 Position of previous notification (if applicable) 0.000000 0.000000 0.0000008. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 32297481 8.472160 Sub Total 8.A 32297481 8.472160%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG 8.472160 8.472160%10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
06-Jun-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
28-May-2025
6. Date on which Issuer notified
30-May-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 5.470174 0.000000 5.4701748. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
12. Date of Completion
30-May-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name
City of registered office
Country of registered office
UBS AG
London
United Kingdom
5. Date on which the threshold was crossed or reached
27-May-2025
6. Date on which Issuer notified
29-May-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
5.470174
0.000000
5.470174
20853340
Position of previous notification (if applicable)
0.000000
0.000000
0.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
20853340
5.470174
Sub Total 8.A
20853340
5.470174%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
5.470174
5.470174%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
13. Place Of Completion
Zurich, Switzerland
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
(The "Company")
27 MAY 2025
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 2025 Annual General Meeting of the Company will be held at the offices of Aberdeen PLC, 1 George Street, Edinburgh EH2 2LL on 11 August 2025 at 10.00am.
The Notice of Annual General Meeting, together with the Annual Report and Accounts for the year ended 31 December 2024, have been posted to shareholders.
In accordance with UKLR6.4.3R, the Notice of Annual General Meeting, a proxy form and the Annual Report and Accounts have been submitted to the National Storage Mechanism and are available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745471
Fax: 01481 745186
Guernsey: 30 April 2025
LEI: 549300HHFBWZRKC7RW84
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
(“API” or the “Company”)
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's Annual Report and Accounts for the year ended 31 December 2024 and the Notice of the Annual General Meeting will shortly be available to view on the Company's corporate website at https://www.abrdnpit.co.uk/en-gb/literature. The Documents have also been submitted to the National Storage Mechanism and are available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Hard copies will be posted to shareholders shortly.
PERFORMANCE SUMMARY
Earnings, Dividends & Costs
31 December
2024
31 December
2023
IFRS Loss per share (p)
(11.25)
(2.17)
Dividends paid per ordinary share (p)
3.0
4.0
Dividends declared per ordinary share but not yet paid (p) *
3.0
0.0
Dividend Cover (%) **
45
71
Dividend Cover excluding non-recurring items (%)
66
82
Ongoing Charges **
As a % of average net assets including direct property costs
2.8
2.5
As a % of average net assets excluding direct property costs
1.2
1.2
Capital Values & Gearing
31 December
2024
31 December
2023
Change
%
Net assets (£million)
30.4
298.1
(89.8)
Net asset value per share (p) (note 22)
8.0
78.2
(89.8)
Capital Distribution (p)
52.0
0.0
N/A
Third Quarter PID
1.0
-
N/A
PID paid post year-end
3.0
-
N/A
Net asset value incl. noted Distributions (p)
64.0
78.2
(18.2)
Ordinary Share Price (p)
6.9
53.0
(87.0)
(Discount)/Premium to NAV (%)
(13.8)
(32.2)
Total Return
1 year
% return
3 year
% return
5 year
% return
10 year
% return
NAV ^
(19.2)
(31.7)
(16.2)
31.9
Share Price ^
25.6
(6.7)
(6.1)
42.9
FTSE All-Share Real Estate Investment Trusts Index
(11.8)
(32.6)
(26.9)
(3.4)
FTSE All-Share Index
9.5
18.5
26.5
81.9
* Represents the special interim property income distribution to shareholders (Ex-Dividend Date: 19 December 2024, Record Time: 20 December 2024) as a result of exiting the REIT regime. This was in addition to the return of capital via the redeemable bonus shares
** As defined and calculated under API’s Alternative Performance Measures (as detailed in the full Annual Accounts which can be found via the following link: https://www.abrdnpit.co.uk/en-gb/literature)
^ Assumes re-investment of dividends excluding transaction costs.
Sources: abrdn, MSCI
CHAIR’S STATEMENT
Background
As previously reported in both the Company’s 2023 Annual Report & Financial Statements and 2024 Interim Report & Accounts, the Board undertook a strategic review in the second half of 2023. This was prompted by concerns about the Company’s size, lack of liquidity in its shares, uncovered dividend and the share price trading at a persistently large discount to the net asset value (NAV). The outcome of this review was for the Board to recommend to shareholders that they vote in favour of a proposed merger with Custodian REIT. However, this ultimately did not garner enough shareholder support at the Extraordinary General Meeting in March 2024.
In advance of the March EGM, the Board had indicated that, should the Custodian merger proposal fail, then a liquidation of the Company would be the recommended alternative. Therefore, in May 2024 API shareholders were given the opportunity to vote on a proposed change to the Group’s Investment Objective from “The Company’s objective and purpose is to provide Shareholders with an attractive level of income together with the prospect of income and capital growth.” to “The Company’s investment objective is to realise all existing assets in the Company’s portfolio in an orderly manner.” Included in this change was a revision of the fees paid to the Investment Manager to reflect the new Investment Objective and align the interest of the Investment Manager with the sale and return of capital to shareholders. On 28 May 2024, approximately 96% of shareholders (who voted) voted in favour of this proposal and the resolution passed.
Managed Wind-Down
Following the May 2024 vote, alongside the Investment Manager, the Board explored the most effective means of disposing of the Company’s assets, with the main aims being to obtain the best achievable value for the Company’s assets at the time of their realisation and to repay borrowings and return capital to shareholders as swiftly as possible. As previously disclosed, this encompassed various disposal strategies, including individual property sales (of which 6 completed in 2024) alongside a wider portfolio transaction. Through an independent agent the whole residual portfolio (excluding the land at Far Ralia) was marketed to potential buyers in an extensive and competitive process; while it was made known that Far Ralia was also available for purchase, it was felt that its inclusion may deter potential purchasers of the wider portfolio and a more targeted approach for the asset in isolation would result in a more favourable outcome. Following consideration of these proposals, and what might be achieved by way of individual property sales over a longer period with the associated risks, the Board selected a preferred bidder and agreed a transaction with GoldenTree Asset Management (GoldenTree) for the sale of the entire share capital of abrdn Property Holdings Limited (aPH), the wholly owned subsidiary of the Company.
Sale of aPH
After extensive due diligence by the purchaser and detailed negotiations, the transaction completed on 29 November 2024 as expected and comprised the sale of 39 assets (being the Company’s entire residual investment property portfolio barring its interest in Far Ralia) in addition to the Group’s debt facility with RBSI and various net current assets/liabilities. The cash consideration for the purchase of the investment portfolio was £351m (an 8% discount to the portfolio’s valuation as at 30 June 2024), while the net proceeds, after adjusting for debt and other net assets subject to normal adjustments including those arising from the completion process, was £234.3m (resulting in an accounting loss of £48.2m).
GoldenTree paid an initial cash deposit of £35.1m upon exchange of contracts in September 2024, and a subsequent balancing payment on 29 November 2024. As part of the sales agreement, there was then a period of review in which the final completion accounts were prepared to reflect any post balance sheet events which would impact the aforementioned adjustments. This created a degree of uncertainty as to the final amount of the net proceeds. After consultation with the proposed liquidators, Investment Manager and other advisors, the Board decided to keep a prudent retention to allow for future costs and conclusion of the completion accounts process.
The Board’s view was that the most efficient way of returning funds to shareholders was by means of a Redeemable Bonus Share Scheme. To that end, a circular was issued to shareholders outlining proposed changes to the Articles of Association which allowed the Board to return 55p per share in aggregate. This was made up of:
▸an initial return of capital comprising 52p per share, paid on 23 December 2024.
▸an interim Property Income Distribution of 3p per share, paid on 10 January 2025.
At a General Meeting of the Company on 17 December 2024, approximately 99.5% of shareholders (who voted) voted in favour of this proposal and the resolution passed.
REIT Status
The Company had been a member of the REIT regime since 1 January 2015 and while a member was required to distribute at least 90% of the income profits of the Group’s UK property rental business (“Property Income”). A consequence of the transaction was that the Company immediately exited the REIT regime and is now required to distribute the accumulated undistributed Property Income. The 3p additional interim Property Income Distribution noted above represented an initial payment under this requirement and the Board intend to announce a further final property income distribution at a date in the future.
Board Composition
Following the disposal of the subsidiaries and initial return of Capital to shareholders, the Board undertook a review of the residual business and requirements for the foreseeable future. Taking account of the responsibilities which were required to be discharged and the need to exercise management of the Company’s ongoing operating costs, the Board concluded that two Directors was an appropriate number. On 31st December, three Directors (including the previous Chair) resigned from the Board.
The Company would like to acknowledge and thank them for their huge contributions to the Company - particularly over the last 18 months.
Financial Resources
As noted, the transaction with GoldenTree included the transfer of the Group’s debt facility with RBSI and the Company no longer has access to revolving credit facilities (“RCF”). In order to ensure that the retained cash was invested appropriately, the Board invested the residual cash proceeds into a shorter-term money market fund, the abrdn Liquidity Fund – Sterling, which offered a competitive rate of interest. This was deemed to be a low risk investment offering good liquidity, competitive returns and low costs relative to alternative deposit options.
At the year end the Company held £36.7m in cash and had other financial resources of £18.4m net of any prevailing financial commitments; i.e. not including any future costs associated with the running of the company through liquidation or potential balancing payment due on the transaction.
Annual General Meeting (“AGM”)
The Annual General Meeting (“AGM”) will be held at 10.00am on Monday 11 August 2025 at the offices of Aberdeen PLC, 1 George Street, Edinburgh EH2 2LL. The timing of the sale of Far Ralia is uncertain so the Board have decided to defer the AGM from the usual June date. The Board looks forward to welcoming shareholders in person where they will have the opportunity to put questions to the Board and/or the Manager. Shareholders are also invited to submit questions by email in advance to property.income@aberdeenplc.com
Final Distributions and Outlook
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
26-Mar-2025
6. Date on which Issuer notified
28-Mar-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 0.000000 0.000000 0.000000 0 Position of previous notification (if applicable) 8.094991 0.000000 8.0949918. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 0 0.000000 Sub Total 8.A 0 0.000000%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
12. Date of Completion
28-Mar-2025
13. Place Of Completion
Zurich, Switzerland
28 March 2025
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
Progress Update
The Board of abrdn Property Income Trust plc (“API” or the “Company”) has continued to progress the managed wind-down of the Company following the initial return of proceeds of 55 pence per share in December 2024.
The Company anticipates releasing its annual results for the year to 31 December 2024 in late April 2025, at which time, API will provide an update on the managed wind-down process, including progress on the sale of Far Ralia, an update on any completion adjustments following the portfolio sale, and future distributions to shareholders.
Enquiries:
abrdn Property Income TrustMike Balfour (Chair) via WinterfloodWinterflood (Corporate Broker to API)Neil Langford +44 20 3100 0160
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG – Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name City of registered office Country of registered office UBS AG London United Kingdom5. Date on which the threshold was crossed or reached
25-Mar-2025
6. Date on which Issuer notified
27-Mar-2025
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 8.094991 0.000000 8.094991 30859643 Position of previous notification (if applicable) 0.000000 0.000000 0.0000008. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB0033875286 30859643 8.094991 Sub Total 8.A 30859643 8.094991%8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B18B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B29. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold UBS Group AG (Chain 1) UBS Group AG (Chain 1) UBS AG 8.094991 8.094991%10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
27-Mar-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
14-Mar-2025
6. Date on which Issuer notified
18-Mar-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
0.000000
0.000000
0.000000
0
Position of previous notification (if applicable)
8.464563
0.000000
8.464563
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
0
0.000000
Sub Total 8.A
0
0.000000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
18-Mar-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Name
City of registered office
Country of registered office
UBS AG
London
United Kingdom
5. Date on which the threshold was crossed or reached
13-Mar-2025
6. Date on which Issuer notified
17-Mar-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
8.464563
0.000000
8.464563
32268521
Position of previous notification (if applicable)
0.000000
0.000000
0.000000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
32268521
8.464563
Sub Total 8.A
32268521
8.464563%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
8.464563
8.464563%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
17-Mar-2025
13. Place Of Completion
Zurich, Switzerland
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of voting rights; Other
Comments
UBS trading book holdings in Abrdn Property Income Trust Ltd fell below 5% and are therefore exempt from reporting.
3. Details of person subject to the notification obligation
Name
UBS Group AG - Investment Bank & Global Wealth Management
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
27-Feb-2025
6. Date on which Issuer notified
03-Mar-2025
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
0.000000
0.000000
0.000000
0
Position of previous notification (if applicable)
8.050266
0.000000
8.050266
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
GB0033875286
0
0.000000
Sub Total 8.A
0
0.000000%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
UBS Group AG (Chain 1)
UBS Group AG (Chain 1)
UBS AG
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
03-Mar-2025
13. Place Of Completion
Zurich, Switzerland
abrdn Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
(The “Company”)
28 JANUARY 2025
NEW DIRECTORSHIP DECLARATION
In accordance with Listing Rule UKLR 6.4.9R, the Company has been informed that Michael Balfour, a Director of the Company will be joining the Board of Smithson Investment Trust plc, as Chair, on 28 January 2025.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745471
Fax: 01481 745186
NOT 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
FOR IMMEDIATE RELEASE
17 December 2024
abrdn Property Income Trust Limited
(a non-cellular company limited by shares incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
Results of General Meeting held on 17 December 2024, Interim Distribution to Shareholders and Board Changes
On 3 December 2024, abrdn Property Income Trust Limited ("API" or the "Company") announced that a circular ("Circular") to convene a general meeting of API Shareholders (the "General Meeting") had been published and sent to Shareholders to allow them to consider and, if thought fit, approve amendments to API's Articles of Incorporation (the "Articles") to return capital to Shareholders and put in place a mechanism to implement a future voluntary winding up of the Company.
API announces the result of the General Meeting of the Company held today. Shareholders who together represented a majority of the API Shares voted at the General Meeting voted to approve the special resolution to amend API's Articles. Consequently, the Board will proceed with a return of capital to Shareholders and, at the appropriate time after giving notice to Shareholders, implement a future voluntary winding-up of the Company.
Voting results of the General Meeting
The table below sets out the results of the vote at the General Meeting:
Number of API Shares voted ***
% of API Shares voted*
For
125,067,774
99.54
Against
583,550
0.46
Withheld**
219,230
-
Total
125,870,554
100
* All percentages rounded to two decimal places
** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes `For' or `Against' the ordinary resolution.
*** Includes discretionary votes.
Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Circular.
Return of Capital and Interim PID
The Company confirms that it will proceed with the initial issue of Redeemable Bonus Shares as set out in the Circular and on the expected timetable set out below. Each Shareholder on the register at the Record Time will be issued with one Redeemable Bonus Share for each API Share they hold, which will then immediately redeemed for 52 pence per Redeemable Bonus Share (returning aggregate proceeds of £198.23 million to Shareholders).
The Company has also declared a separate PID income distribution of 3 pence per API Share (gross of any tax adjustments; an aggregate £11.44 million) (the "Interim PID") expected to be paid as set out below.
The expected timetable of events is as follows:
Ex-dividend date for first issue of Redeemable Bonus Shares
17 December 2024
Record time for entitlement to first issue of Redeemable Bonus Shares ("Record Time")
6.00 p.m. on 18 December 2024
Redeemable Bonus Shares issued equal to the number of API Shares held at the Record Time
19 December 2024
Expected redemption and cancellation of Redeemable Bonus Shares
19 December 2024
Ex-dividend date for Interim PID
Record time for entitlement to Interim PID
19 December 2024
6.00 p.m. on 20 December 2024
Despatch of payments and CREST accounts credited in respect of proceeds of Redeemable Bonus Shares redeemed on 19 December 2024
By 24 December 2024
Despatch of payments and CREST accounts credited in respect of Interim PID
By 10 January 2025
Board Changes
The Company also confirms that, as previously indicated, James Clifton-Brown, Jill May and Sarah Slater will stand down from the Board on 31 December 2024. The Board thanks each of them for their significant contributions and for their considerable time and attention given to the Company.
Effective from 1 January 2025, Michael Balfour will be appointed Chairman of the Company. Michael Bane will assume the role of Senior Independent Director and will become Chair of the Company's Audit Committee. The Board is assessing the role of the various Board committees in light of the Company's position and its progression towards Voluntary Winding-Up.
Voluntary Winding-Up
At an appropriate time, the Board will place the Company into Voluntary Winding-Up. Timing of this step will depend on a number of factors which are set out in the Circular.
The Company will give appropriate notice prior to entering into Voluntary Winding-Up and provide an outline timetable via a Regulatory Information Service. Trading in API Shares will be suspended when the Company enters into Voluntary Winding-Up and Shareholders will be unable to sell or transfer their API Shares from that time.
Enquiries
abrdn Property Income Trust
James Clifton-Brown (Chair) via Winterflood
Jason Baggaley (Fund Manager) +44 7801 039 463
Winterflood (Corporate Broker to API)
Neil Langford +44 20 3100 0160
Important notices
Winterflood Securities Limited ("Winterflood"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for API and no-one else in connection with the matters set out in this document and will not be responsible to anyone other than API for providing the protections afforded to customers of Winterflood or for providing advice in relation to the matters set out in this document. Neither Winterflood nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Winterflood in connection with this document, any statement contained herein or otherwise.
abrdn Property Income Trust Limited - Return of Capital to Shareholders - Redemption of Redeemable Bonus Shares
LONDON, United Kingdom, December 10
To: Company Announcements
Date: 10 December 2024
Company: abrdn Property Income Trust Limited
Subject: Return of Capital - Redemption of Redeemable Bonus Shares
Subject to approval by API Shareholders on 17 December 2024, the directors of abrdn Property Income Trust Limited (the "Company") have announced their intention to make an initial return of the proceeds of sale of the Company's property portfolio by way of an initial issue and redemption of Redeemable Bonus Shares. One Redeemable Bonus Share will be issued for every Company ordinary share in issue and is proposed to be repurchased for
52 pence per Redeemable Bonus Share (the "Return of Capital").
The timetable for the Return of Capital is as follows:
Ex-Dividend Date - 17 December 2024
Record Time - 6.00 p.m. on 18 December 2024
Expected redemption and cancellation of Redeemable Bonus Shares - 19 December 2024
Payment Date - By 24 December 2024
Redemption price per Redeemable Bonus Share - 52.0p
Interim PID Dividend
The Return of Capital is in addition to the previously declared interim Property Income Dividend ("PID") of 3.0p per ordinary share (gross of any tax adjustments).
As previously announced, the timetable for the Interim PID is as follows:
Ex-Dividend Date - 19 December 2024
Record Time - 6.00 p.m. on 20 December 2024
Payment Date - By 10 January 2025
Dividend per ordinary share - 3.0p
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745436
Fax: 01481 745186
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB0033875286
Issuer Name
ABRDN PROPERTY INCOME TRUST LIMITED
UK or Non-UK Issuer
Non-UK
2. Reason for Notification
An acquisition or disposal of financial instruments
3. Details of person subject to the notification obligation
Name
Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund
City of registered office (if applicable)
Country of registered office (if applicable)
US
Name
City of registered office
Country of registered office
Weiss Asset Management LP
Wilmington, Delaware
USA
4. Details of the shareholder
Name
City of registered office
Country of registered office
Brookdale Global Opportunity Fund
Grand Cayman
Cayman Islands
Brookdale International Partners, L.P.
Albany, NY
USA
5. Date on which the threshold was crossed or reached
25-Nov-2024
6. Date on which Issuer notified
29-Nov-2024
7. Total positions of person(s) subject to the notification obligation
.
% of voting rights attached to shares (total of 8.A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer
Resulting situation on the date on which threshold was crossed or reached
0.000000
5.380000
5.380000
20541022
Position of previous notification (if applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible)
Number of direct voting rights (DTR5.1)
Number of indirect voting rights (DTR5.2.1)
% of direct voting rights (DTR5.1)
% of indirect voting rights (DTR5.2.1)
Sub Total 8.A
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument
Expiration date
Exercise/conversion period
Number of voting rights that may be acquired if the instrument is exercised/converted
% of voting rights
Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument
Expiration date
Exercise/conversion period
Physical or cash settlement
Number of voting rights
% of voting rights
CFD
N/A
N/A
Cash
20541022
5.380000
Sub Total 8.B2
20541022
5.380000%
9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
Ultimate controlling person
Name of controlled undertaking
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Weiss Asset Management LP
Brookdale International Partners, L.P.
2.420000
2.420000%
Weiss Asset Management LP
Brookdale Global Opportunity Fund
2.960000
2.960000%
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
Weiss Asset Management LP is the Investment Manager to Brookdale Global Opportunity Fund and Brookdale International Partners, L.P.
12. Date of Completion
29-Nov-2024
13. Place Of Completion
Boston, USA
abrdn Property Income Trust Limited - Dividend Declaration
LONDON, United Kingdom, December 03
To: Company AnnouncementsDate: 3 December 2024Company: abrdn Property Income Trust LimitedSubject: Dividend Declaration
Interim PID Dividend
The Directors of abrdn Property Income Trust Limited (the "Company") have declared an interim Property Income Dividend ("PID") of 3.0p per ordinary share (gross of any tax adjustments). The PID will be paid in addition to the Company's initial return of capital to shareholders from the proceeds of its portfolio sale, details of which have been announced separately today.
Ex-Dividend Date - 19 December 2024Record Time - 6.00 p.m. on 20 December 2024Payment Date - By 10 January 2025Dividend per ordinary share - 3.0p
All Enquiries:
The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedPO Box 255Trafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL
Tel: 01481 745436
NOT 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
FOR IMMEDIATE RELEASE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
3 December 2024
abrdn Property Income Trust Limited(a non-cellular company limited by shares incorporated in Guernsey with registration number 41352)LEI Number: 549300HHFBWZRKC7RW84
Initial Distribution to Shareholders equating to 55 pence per API Share
abrdn Property Income Trust Limited ("API" or the "Company") is pleased to announce that it has today published details of a proposal to return an aggregate 55 pence per API Share to Shareholders through an initial return of capital of 52 pence per API Share and payment of an interim PID income distribution of an additional 3 pence per API Share (together, the "Initial Distribution").
An Initial Distribution of 55 pence per API Share equates to an aggregate initial return of net disposal proceeds of approximately £209.67 million.
Background
On 29 November 2024, the Company completed the sale of its wholly-owned subsidiary, abrdn Property Holdings Limited (“APH”) to an acquisition vehicle incorporated by certain funds and accounts managed by GoldenTree Asset Management LP (the "Disposal"). The Disposal constituted the sale of the Company’s entire investment property portfolio ("Portfolio"), with the exception of its interest in the land at Far Ralia, for cash consideration of approximately £351 million (subject to adjustments for debt, net assets and other normal adjustments, including those arising from the completion process). The Company expects initial proceeds of at least £234m subject to normal adjustments, including those arising from the completion process.
The Disposal was undertaken in pursuit of the Managed Wind-Down approved by Shareholders on 28 May 2024. The Board has previously stated its intention that following completion of the Disposal, API would seek to return the net proceeds to Shareholders as efficiently as possible.
Return of the proceeds of the Disposal
On the basis of advice received, the Board believes that the most efficient means of returning funds to Shareholders at this time will be by means of a Redeemable Bonus Share Scheme, to return 52 pence per API Share to Shareholders (comprising aggregate proceeds of approximately £198.23 million) whereby each Shareholder would be issued with one Redeemable Bonus Share for each API Share they hold, which would then be immediately redeemed for a cash payment equal to the redemption price specified for each Redeemable Bonus Share. The Board may resolve to issue Redeemable Bonus Shares in respect of further returns of capital in the future.
The Company expects to redeem the Redeemable Bonus Shares proposed to be issued in respect of the Initial Distribution on or around 19 December 2024 and for the proceeds to be paid to Shareholders by 24 December 2024.
The Board also intends to declare a separate PID income distribution of 3 pence per API Share (gross of any tax adjustments; £11.44 million in aggregate) (the "Interim PID") with a record time of 6.00 p.m. on 20 December 2024 with payment being made paid shortly after the payment is made to Shareholders in respect of the Redeemable Bonus Shares, by 10 January 2025.
Further details of the Redeemable Bonus Share Scheme and the Interim PID are set out in the Circular (as defined below).
Proposal for Voluntary Winding Up
As previously announced as part of the Managed Wind-Down, the Board intends that the Company is placed into voluntary winding up at an appropriate time. Timing of this step will depend on a number of factors, including progress with finalising certain customary post-closing accounting adjustments in relation to the Disposal and progress with the sale process at Far Ralia.
Placing the Company into Voluntary Winding Up requires the approval of Shareholders. However, to prevent the need for a further General Meeting, and because Guernsey law does not allow liquidators to be appointed on a conditional basis, the Board is proposing to amend the Company's Articles of Incorporation to allow for the creation and issue of a new class of Winding Up Shares. One Winding Up Share is intended to be issued in the future to such director as the Chairman of the Company from time to time may nominate in his or her sole discretion, with the right to receive notice of, attend and vote at any meeting of the Company to approve the voluntary winding up of the Company, and otherwise in relation to the liquidation and dissolution of the Company. At the same time, the Company is seeking Shareholders' approval to amend the rights of the API Shares to remove the right to receive notice of, attend and vote at any meeting of the Company to approve the voluntary winding up of the Company; effectively placing that right in the hands of the Board. The Company will notify Shareholders in advance via a Regulatory Information Service before passing any such resolution. Further details of the rights attaching to the Winding Up Shares and the proposed changes to the rights of the API Shares are set out in the Circular (as defined below).
Publication of Circular and recommendation
The Company announces that a circular ("Circular") to convene a general meeting of API Shareholders (the "General Meeting") will be published today and sent to Shareholders to allow them to consider and, if thought fit, approve resolutions to be proposed at the General Meeting in order that the Redeemable Bonus Share Scheme can proceed and the Voluntary Winding Up can be implemented in due course.
Accordingly, the Board unanimously recommends that Shareholders vote in favour of the Resolution to be proposed at the General Meeting.
The Directors, who in aggregate have an interest in 358,200 API Shares (representing approximately 0.09 per cent. of API's total issued share capital as at 2 December 2024 (being the latest practicable date prior to the publication of this document)), intend to vote their entire beneficial holdings in favour of the Resolution to be proposed at the General Meeting.
Unless specified to the contrary, defined terms used in this announcement have the same meaning as that set out in the Circular.
General Meeting
The General Meeting will be held at 10.30 a.m. on 17 December 2024 at the offices of Addleshaw Goddard LLP at Milton Gate, 60 Chiswell Street, London, EC1Y 4AG. The expected timetable of principal events in relation to the General Meeting is as follows:
Event Time/Date
Deadline for lodging Forms of Proxy/CREST Proxy instructions 10.30 a.m. on 15 December 2024 Voting Record Time 6.00 p.m. on 15 December 2024 General Meeting 10.30 a.m. on 17 December 2024A separate announcement will be made in relation to the expected timetable for the Interim PID.
The Circular will be made available on the Company's website at https://www.abrdnpit.co.uk/en-gb/literature. For the avoidance of doubt, neither the contents of this website nor the contents of any websites accessible from any hyperlinks are incorporated into or form part of this announcement.
The Circular may also be inspected during usual business hours on any weekday (Saturdays, Sundays and public holidays in the UK and Guernsey excepted) at the Company's registered address at Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL, or at the offices of Addleshaw Goddard LLP at Milton Gate, 60 Chiswell Street, London EX1Y 4AG for a period beginning on today's date until the date of the General Meeting, and at the General Meeting for a period beginning fifteen minutes before it commences, for the duration of the General Meeting.
A copy of the Circular will also be submitted to the National Storage Mechanism, where it will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Enquiries
abrdn Property Income Trust James Clifton-Brown (Chair) via WinterfloodJason Baggaley (Fund Manager) +44 7801 039 463
Winterflood (Corporate Broker to API)Neil Langford +44 20 3100 0160
Important notices
Winterflood Securities Limited ("Winterflood"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for API and no-one else in connection with the matters set out in this announcement and will not be responsible to anyone other than API for providing the protections afforded to customers of Winterflood or for providing advice in relation to the matters set out in this document. Neither Winterflood nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Winterflood in connection with this document, any statement contained herein or otherwise.
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