The vast majority (99.9%) of Asia Dragon (DGN) shareholders have approved its proposed merger with the abrdn New Dawn trust (ABD), with the combined assets set to grow to more than £700m.
The proposals will see abrdn New Dawn rolled into Asia Dragon, with the former wound up and the transfer of assets on a formula asset value basis offered in exchange for the issue of new ordinary shares in the latter. In a meeting yesterday (25 October), shareholders also approved the adoption of a new investment policy to allow Asia Dragon to invest in Australasia, offering the managers greater geographic flexibility. According to the Association of Investment Companies, Asia Dragon currently holds £500m in assets, while abrdn New Dawn holds £315m. abrdn proposes folding New Dawn...
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