In response to investor requests following last night's announcement Aberdeen Fund Managers Limited (“Aberdeen) has decided to extend the temporary suspension of the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust (together “the Funds”) to noon Monday, 11 July 2016. This will provide additional time for investors to consider their options in these exceptional circumstances, and further ensures that all customers are treated fairly.
Orders for subscriptions and redemptions in the Funds placed before 12 noon on 6 July 2016 will now be processed at 12 noon on 11 July at a diluted price. Orders placed between 12 noon on 6 July 2016 and the next valuation point (12 noon on 11 July) will not be accepted.
Shareholders wishing to redeem will do so at a price which is subject to a dilution adjustment in order to reflect the current market environment and the fact that short term trading in the property market has relatively penal consequences. Those investors who submitted redemption requests before 12 noon 6 July 2016 will have the opportunity to cancel or proceed with the trade. For the avoidance of doubt, if investors do not specifically instruct the cancellation of their redemption request, such redemptions will be processed at a diluted dealing price on 11 July 2016.
The Funds remain closed to new subscriptions and redemptions until after noon, 11 July 2016.
The decision to extend the suspension period was taken by Aberdeen in agreement with the Depositary.
We recognise that the temporary suspension and dilution adjustment will be inconvenient for some shareholders, but Aberdeen remains absolutely focused on attempting to provide liquidity to shareholders who wish to access it at an appropriate price, while protecting value for remaining shareholders: our aim is to ensure all shareholders are treated fairly. We will keep all shareholders updated on any developments including the lifting of the suspension and you can find any additional information on our website at www.aberdeen-asset.co.uk
