Stock News in Focus: Aberdeen Income Credit Strategies Fund (NYSE:ACP)

Aberdeen Income Credit Strategies Fund (NYSE:ACP) spotted trading -15.15% off 52-week high price. On the other end, the stock has been noted 19.56% away from the low price over the last 52-weeks. The stock changed -0.66% to recent value of $12.04. The stock transacted 305415 shares during most recent day however it has an average volume of 81.77K shares. The company has 13.07M of outstanding shares.

On Oct. 2, 2019, The Board of Trustees of Aberdeen Income Credit Strategies Fund (NYSE:ACP) a closed-end fund, has approved the terms of the issuance of transferable rights (Rights) to the holders of the Fund’s common shares (the Common Shareholders) of beneficial interest (Common Shares) as of the record date, entitling the holders of those Rights to subscribe for Common Shares (the Offer). The Board, based on the recommendations and presentations of Aberdeen Asset Managers Limited, the Fund’s investment adviser (the Adviser), and others, has determined that it is in the best interests of the Fund and the Common Shareholders to conduct the Offer and thereby increase the assets of the Fund available for investment.   The Offer seeks to provide an opportunity to existing Common Shareholders to purchase Common Shares at a discount to market price (subject to a sales load).

Subject to the registration statement for the Offer becoming effective under the Securities Act of 1933, as amended, the Fund will distribute to Common Shareholders of record as of the record date (Record Date Shareholders), which is currently anticipated to be October 16, 2019 (the Record Date), one right (Right) for each Common Share held on the Record Date. Record Date Shareholders will be entitled to purchase one new Common Share for every three Rights held (1 for 3); however, any Common Shareholder who owns fewer than three Common Shares as of the Record Date will be entitled to subscribe for one Common Share. Fractional Common Shares will not be issued.

The proposed subscription period is currently anticipated to commence on the Record Date and expire on November 13, 2019, unless extended by the Fund (the Expiration Date). The Rights are transferable and are expected to be admitted for trading on the New York Stock Exchange (the NYSE) under the symbol ACP RT during the course of the Offer. Rights may be exercised at any time during the subscription period.

The subscription price per Common Share (the Subscription Price) will be determined on the Expiration Date, and will be based upon a formula equal to 90% of the average of the last released sales price of a Common Share of the Fund on the NYSE on the Expiration Date and each of the four (4) immediately preceding trading days (the Formula Price). If, however, the Formula Price is less than 82% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, the Subscription Price will be 82% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on that day. The estimated Subscription Price has not yet been determined by the Fund.

The price moved ahead of -3.11% from the mean of 20 days, -2.60% from mean of 50 days SMA and performed -0.66% from mean of 200 days price. Company’s performance for the week was -3.06%, -1.87% for month and YTD performance remained 14.89%.

Leave a Reply

Your email address will not be published. Required fields are marked *