ACORN INCOME FUND
LIMITED (in Liquidation)
(a closed-ended
investment company incorporated in Guernsey with registration
number 34778)
LEI
213800UAZN7G46AHQM67
12 November 2021
Acorn Income Fund
Limited (in Liquidation) (the “Company”)
Publication of
Elections and Residual Net Asset Value per Ordinary Share
Further to the Company’s announcement on 12 October 2021, in which the Company was placed
into liquidation, the Company announces the elections from Ordinary
Shareholders (including deemed elections) and Residual NAV per
Ordinary Share under the terms of the Scheme:
Elections
Shares Option (A Shares): 8,721,365 Ordinary Shares with “A”
rights, being Ordinary Shares with the entitlement to receive
income shares in Unicorn UK Income Fund (“UKI Shares”), an open
ended fund managed by Unicorn Asset Management.
Cash Option (B Shares): 7,095,322 Ordinary Shares with “B”
rights, being Ordinary Shares with the entitlement to receive
cash.
Residual NAV per Share
The Residual NAV is £64,965,033.24 and the Residual NAV per
Share as at the Calculation Date of 9
November 2021 is 410.7373
pence. Of this Residual NAV, £706,870.00 equivalent to
4.4691 pence per Ordinary Share, will
be transferred to the Retention Fund held by the Liquidators. These
amounts are in respect of a single security from the fixed interest
portfolio that the Liquidator has been unable to sell, and which
does not meet the investment objective of Unicorn UK Income Fund
and therefore is deemed inappropriate to be part of the in specie
transfer of assets, and the Liquidators’ retention of £10,000. Cash
received from future sales of this security will be returned to all
Ordinary Shareholders (on the register as at the Record Date), both
those electing for the Cash Option and those electing for the
Shares Option, on a pro rata basis at a later date. Although the
security may be sold sooner, for guidance, it has a maturity date
in 2024 when it is currently expected to redeem at par.
The remaining balance of £64,258,163.24 equivalent to
406.2682 pence per Ordinary Share,
will be divided between electors for the Cash Option and the Shares
Option in the same proportions as the elections as stated above.
Therefore, Ordinary Shareholders will imminently receive the
following cash and/or number of UKI Shares:
- For Ordinary Shareholders that elected to receive UKI Shares,
each Ordinary Share with “A” rights attached to it will receive 1
UKI Share and the opening NAV of each UKI Share will equal
406.2682 pence.
- For Ordinary Shareholders that elected for the Cash Option,
each Ordinary Share with “B” rights attached to it will receive
406.2682 pence in cash. Cheques are
expected to be despatched and electronic bank transfers made in
respect of the Cash Option during the week commencing 15 November 2021. Entitlements shall be rounded
down to the nearest £0.01, as the case may be.
Repayment of ZDP shares
The ZDP shareholders will be paid the Final Capital Entitlement
in cash equal to the aggregate ZDP Final Capital Entitlement as at
28 February 2022. The payment date
for this entitlement is expected to be during the week commencing
15 November 2021.
Suspension and Cancellation of
Shares
Applications have been made to the FCA and the London Stock
Exchange for the cancellation of listing and trading of the
Company’s Ordinary Shares and Zero Dividend Preference Shares which
occurred at 8am on 12 November 2021.
Defined terms used in this announcement have the meanings given
in the circular published by the Company on 23 September 2021 unless the context otherwise
requires.
For information please contact:
Acorn Income Fund Limited (in Liquidation)
c/o the Joint Liquidators
Lefebvre House
Lefebvre Street
St Peter Port
Guernsey
GY1 3TF
Tel: 01481 753400
Northern Trust International Fund Administration Services
(Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
END
