Aberdeen boosts Enhanced Zero Trust

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Aberdeen Asset Management is to inject £6m into the Enhanced Zero Trust. In exchange for the finan...

Aberdeen Asset Management is to inject £6m into the Enhanced Zero Trust. In exchange for the finance the group will receive mezzanine securities, ranking behind any bank loans but ahead of ordinary shareholders. The board of the trust is proposing to repay £7.25m of its £40m of bank debt immediately. The Bank of Scotland will then convert a further £22.5m of debt into £2.25m in uncovenanted loan stock and £20.25m in preference shares. It further proposes that the directors and investment manager waive all their fees. The proposals, subject to shareholder approval at a yet to be det...

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