Resolutions to reconstruct the Aberdeen Preferred Income Trust were approved at the company's EGM on...
Resolutions to reconstruct the Aberdeen Preferred Income Trust were approved at the company's EGM on 21 January, opening the way for the trust to deleverage. In October 2001, the £240.1m trust suspended dividend payments when net assets fell below the aggregate of its share capital and undistributable reserves. After a two-and-a-half hour meeting, shareholders approved the introduction of a new class of share in the trust ' the stepped preference share ' as well as new 2003, 2005 and 2008 zero preference shares. The trust raised £62m of new money and is to repay £30m of bank deb...
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