Aberdeen to issue preference shares
Aberdeen Asset Management is to issue £100m ($155m) of preference shares to existing 17% shareholder Mitsubishi UFJ Trust and Banking Corporation.
The cash raised will be used to seed new funds. The deal has yet to gain shareholder approval.
The preference shares pay a fixed dividend of 5% per year and will convert into ordinary shares if Aberdeen’s common equity tier 1 ratio falls below 5.125%.
The dividend will be non-cumulative and payable at the company's discretion.
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