**Summary**
Petershill Partners PLC has announced a proposed US$921 million return of capital to shareholders, involving the cancellation of ordinary shares through a UK Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. This will be accompanied by the delisting of the companys shares from the Official List and the London Stock Exchanges main market. The proposal includes
1. **Capital Return**Cancellation of shares via a scheme of arrangement, returning capital to shareholders.
2. **Delisting**Removal of shares from the Official List and the London Stock Exchanges main market.
The company has received a non-binding letter of intent from Aberdeen Equity Income Trust plc to support the proposal, initially for 2,452,021 shares (0.23% of issued capital). However, Aberdeen later disposed of 1,122,170 shares, reducing its commitment to 1,329,851 shares (0.12% of issued capital).
As of the announcement, the company has received irrevocable undertakings and letters of intent to vote in favor of the proposal for a total of 21,729,785 shares, representing 2.01% of issued capital and 9.79% of shares held by free float shareholders.
The proposal is subject to regulatory approvals and shareholder votes, with details to be provided in the Scheme Circular. The company emphasizes compliance with the Takeover Code and provides disclosures for UK, European, and US investors, including tax implications and legal considerations.
The announcement also includes forward-looking statements, disclaimers, and contact information for inquiries. Shareholders are advised to consult the Scheme Circular for full details and to seek independent advice regarding tax consequences.
**Key Points**
Proposed US$921 million return of capital via share cancellation.
Delisting from the Official List and London Stock Exchange.
Support from Aberdeen Equity Income Trust plc reduced after share disposal.
Total commitments to vote in favor represent 2.01% of issued capital.
Scheme Circular to provide full details
shareholders advised to consult it.
Compliance with Takeover Code and regulatory disclosures included.