On 4thSeptember DNDL issued a circular outlining the details of the proposed merger with Standard Life Smaller Companies Investment Trust, (SLS)Ā
DNDL shareholders will receive New Shares in SLS based on a 4thOctober calculation date of the FAV (NAV minus costs of the merger) of both trusts.
It gives an illustration: If the calculation date had been 30thAugust, theĀ FAV per Dunedin Share would have been 324.05 pence and the FAV per SLS Share would have been 560.99 pence. This would have produced a conversion ratio of 0.577639. Therefore, a holder of 1,000 Shares would receive 577 New Shares with an aggregate net asset value of Ā£3,237 and an illustrative market value of Ā£3,012 and would have received a final interim dividend of Ā£55.
The costs of implementing the scheme are estimated at Ā£1.8m or 3.76p per share, or roughly 1.1% of the NAV.
The final interim dividend of 5.5p per share will be paid on 3rdOctober to shareholders on the register on 21stSeptember. Ex-dividend date: Thursday 21stSeptember.
Based on 30thAugust calculations Dunedin Shareholders will end up with approximately 27.4% of the issued share capital of the enlarged SLS Trust.
Two General Meetings have been convened for 28th September and 8thOctober to implement the proposals.