Acorn Income Fund : Results of Proposals 30/01/2017

DJ Acorn Income Fund Results of Proposals

TIDMAIF TIDMAIFZ 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR 
INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, 
ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, 
CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA (OTHER 
THAN THE UNITED KINGDOM) OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD 
BE UNLAWFUL. 
 
Capitalised terms used but not defined in this announcement will have the same 
meaning as set out in the Circular dated 29 November 2016. 
 
 
30 January 2017 
 
                           Acorn Income Fund Limited 
 
                                (the 'Company') 
 
                              Result of Proposals 
 
Further to the Company's announcements of 29 November 2016 and 16 January 2017, 
the Board announces the results of the Proposals. 
 
ZDP Shares 
 
Following implementation of the Proposals, the Company will have 21,365,221 ZDP 
Shares in issue with an attractive 3.85% per annum cost of capital over the 
approximately five year period to the ZDP Repayment Date of 28 February 2022. 
Additionally the Company will continue to hold 1,712,757 ZDP Shares in 
treasury. 
 
The Company has previously announced that 19,523,014 ZDP Shares were elected 
for the Continuation Offer and today announces that 1,842,207 New ZDP Shares 
will be issued through the Initial Placing at 140.0p, which represents a 
premium of 1.4% to the opening NAV per New ZDP Share. 
 
The Initial Placing of New ZDP Shares was significantly oversubscribed with 
demand from existing and new investors. 
 
The ZDP Shares will continue to trade under the TIDM of AIFZ but with effect 
from 1 February 2017 will trade under the new ISIN of GG00BYMJ7X48. 
 
Ordinary Shares 
 
Following implementation of the Proposals, the Company will have 15,916,687 
Ordinary Shares in issue. Additionally the Company will continue to hold 
1,275,972 Ordinary Shares in treasury. 
 
The Company announces that 5,995 New Ordinary Shares will be issued through the 
Initial Placing and Offer for Subscription at 425.05p, which represents a 
premium of 1.0% to the NAV per Ordinary Share as at the Calculation Date of 25 
January 2017. 
 
The Company received a greater level of demand for New Ordinary Shares through 
the Initial Placing and Offer for Subscription but, given that the market price 
has recently been trading at a significant discount to NAV and therefore to the 
Initial Issue Price, all applicants were given the opportunity to withdraw and 
the vast majority did so. 
 
The Ordinary Shares will continue to trade under the TIDM of AIF and the ISIN 
of GB0004829437. 
 
Applications for listing and admission to trading 
 
Applications have been made for the New Ordinary Shares to be admitted to the 
premium segments of the Official List and the Main Market, and for the New ZDP 
Shares to be admitted to the standard segment of the Official List and the 
premium segment of the Main Market. It is expected that dealings in the New 
Shares will commence at 8 a.m. on 1 February 2017. 
 
For further information please contact 
 
Broker, Financial Adviser and Sponsor: 
Numis Securities Limited 
Nathan Brown, Corporate Broking and Advisory 
Tel. [phone] 
Email: [e-mail] 
 
Investment Manager: 
Premier Fund Managers Limited 
Nigel Sidebottom 
Tel: [phone] 
Email: [e-mail] 
 
Company Secretary: 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Cara De La Mare 
Tel: [phone] 
Email: [e-mail] 
 
 
 
Expected timetable 
 
                                                            2017 
 
Effective Date of the Proposals                             31 January 
 
Admission and dealings in the Initial Placing and Offer     8.00 a.m. on 1 February 
Shares commence 
 
CREST accounts of ZDP Shareholders who elect for the        as soon as practicable 
Continuation Option credited with amended ZDP Shares (for   after 8.00 a.m. on 1 
holders in uncertificated form)                             February 
 
CREST trade date for purchasers of New ZDP Shares           1 February 
 
CREST settlement date for purchasers of New ZDP Shares      3 February 
 
Consideration expected to be despatched to ZDP Shareholders 3 February 
who are deemed to have elected for the Cash Option via 
cheque or BACS 
 
Despatch of (i) replacement ZDP Share certificates to ZDP   Week commencing 6 February 
Shareholders who elect for the Continuation Option (to 
holders in certificated form) and (ii) despatch of 
certificates for the Initial Placing and Offer Shares (for 
holders in certificated form) 
 
 
All of the times and dates in the expected timetable may be extended or brought 
forward without further notice. If any of the above times and/or dates change 
materially, the revised time(s) and/or date(s) will be notified to Shareholders 
by an announcement through a Regulatory Information Service provider. 
 
 
 
END

(END) Dow Jones Newswires

January 30, 2017 05:46 ET (10:46 GMT)