Verschmelzung von Fonds der Aberdeen

Aberdeen hat uns darüber informiert, dass folgende Fonds zum 23. September 2016 fusionieren. Die Anteile des „abgebenden Fonds“ gehen damit in dem „aufnehmenden Fonds“ auf. Das Umtauschverhältnis wird von der Fondsgesellschaft vorgegeben und am Fusionstag bekannt gemacht.

Fondsanteile des „abgebenden Fonds“ können über die FFB bis zum 19. September 2016 gekauft werden und bis zum 19. September 2016 zurückgegeben werden.
Bei der Fondszusammenlegung verfahren wir nach dem Vorschlag der Fondsgesellschaft. Pläne in den „abgebenden Fonds“ werden automatisch auf den „aufnehmenden Fonds“ umgestellt und dort fortgeführt. Beachten Sie hierbei jedoch eventuell abweichende Anlageschwerpunkte. Soll zur Abdeckung der ursprünglich verfolgten Anlageziele ein anderer Fonds genutzt werden, benötigen wir einen neuen schriftlichen Auftrag.

Wir weisen darauf hin, dass die Verschmelzung für unsere gemeinsamen Kunden unter Umständen steuerliche Konsequenzen hat. Wir empfehlen den Kunden daher, sich bei ihrem Steuer- bzw. Finanzberater über die steuerlichen Auswirkungen zu informieren.
Kunden des aufnehmenden Fonds werden ebenfalls über die Fusion informiert.
Den dauerhaften Datenträger der Fondsgesellschaft haben wir Ihnen beigelegt. Für die Verwahrung und Administration von Anteilen und die Umsetzung von Aufträgen verweisen wir auf unsere allgemeinen Geschäftsbedingungen und unser Preis- und Leistungsverzeichnis.
Freundliche Grüße
FFB-Vertriebspartnerbetreuung

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN
DOUBT, PLEASE SEEK PROFESSIONAL ADVICE
Luxembourg, 18 August 2016
Dear Shareholder:
Notice to the shareholders of Aberdeen Global II – Euro High Yield Bond Fund
Notice is hereby given to you as a Shareholder of Aberdeen Global II – Euro High Yield Bond Fund (the “Merging Fund”) to inform you of the decision of the Board of Directors to merge the Merging Fund into Aberdeen Global – Select Euro High Yield Bond Fund (the “Receiving Fund”), a sub-fund of a separate Luxembourg-domiciled investment company with variable capital qualifying as a UCITS, on Friday 23 September 2016 at 23:59 (Luxembourg time) (the “Effective Date”). Details of the Merger, together with details regarding the action you should take and the implications for you as a Shareholder, are set out in this document.
The Board of Directors has resolved to merge the Merging Fund with the Receiving Fund in accordance with the provisions of article 1 (20) a) and with Chapter 8 of the law of 17 December 2010 regarding undertakings for collective investment, as amended (the “2010 Law”).
In this document, unless the context requires otherwise, the terms shall have the meaning set out in the Glossary at Appendix 1. The timetable of key dates in the process to implement the Merger is set out in Appendix 3.
Rationale for the Merger
The Merger is part of a rationalisation of the Aberdeen fixed income fund range that is being undertaken with the aim of generating efficiencies in the management and marketing of products. This includes merging funds that pursue similar investment strategies.
The Board of Directors does not believe that the Merging Fund will remain a viable proposition for investors seeking a long term combination of income and capital growth. The Merging Fund is a relatively small fund and consequently more difficult to manage in an efficient manner compared to larger funds.
The Receiving Fund pursues a substantially similar strategy to the Merging Fund. The Receiving Fund is approximately €900 million1 in size and is actively marketed as the flagship European high yield product in the Aberdeen range. Its size means that it can generally be managed more efficiently than the Merging Fund.
We believe that the implementation of the Merger will ultimately be to the benefit of Shareholders over time as a result of rationalisation efficiencies.
Comparison of the Merging Fund and the Receiving Fund
A table highlighting the principal similarities and differences between the Merging Fund and the Receiving Fund is set out at Appendix 2.
1 Figure as at 3 June 2016.
It is not expected that there will be any material difference in the rights of Shareholders before and after the Merger takes effect. Both Funds’ portfolios are managed by the same investment management team at Aberdeen and therefore Shareholders can be confident of continuity of management and investment processes.
The investment objectives and policies of the Merging Fund and the Receiving Fund are similar in that both aim to provide a combination of income and capital growth through investment in eurodenominated sub-investment grade fixed interest securities.
Specifically, the Merging Fund aims to achieve an attractive combination of income and capital growth by investing the majority of its portfolio in euro-denominated non-government sub-investment grade debt and debt-related securities. The Receiving Fund aims to achieve a long-term combination of income and capital growth by investing at least two-thirds of its assets in fixed interest securities which are sub-investment grade, euro-denominated and issued by corporations or government related bodies.
It should be noted that whereas the Merging Fund may utilise financial derivative instruments for investment purposes in pursuing its investment objective (in addition to use for hedging purposes), the Receiving Fund will only invest in financial derivative instruments for hedging and/or to manage foreign exchange risks. This does not amount to a material difference, however, since the Merging Fund does not currently make extensive use of its ability to utilise financial derivative instruments for investment purposes.
The annual management charge (“AMC”) will be different for Class A Shareholders. The current AMC is 1.20% for Class A Shares of the Merging Fund, whereas the AMC is 1.25% for the Class A Shares of the Receiving Fund that will be issued to Class A Shareholders. However, Class A Shareholders will not be subject to a higher ongoing charges figure as a result of the Merger as shown in Appendix 2.
The AMC will be also different for Class I Shareholders. The current AMC is 0.50% for Class I Shares of the Merging Fund whereas the AMC is 0.70% for the Class I Shares of the Receiving Fund that will be issued to Class I Shareholders. The impact of this on Class I Shareholders will be offset in the first year following the Merger as described in the section ‘Terms of the Merger’ below.
Terms of the Merger
On the Effective Date, Shareholders who have not redeemed their Shares in the Merging Fund (see What to do next below) will become shareholders of the Receiving Fund and will receive corresponding New Shares in the Receiving Fund of the same type as the Shares they currently hold (as set out below) in exchange for the transfer of the assets and liabilities of the Merging Fund to the Receiving Fund. Shares in the Merging Fund will be deemed to have been cancelled and will cease to be of any value.
The investment portfolios of the Merging Fund and Receiving Fund will not need to be rebalanced before or after the Merger.
The Classes of New Shares to be issued to Shareholders pursuant to the Merger are as follows:
Merging Fund Receiving Fund
Class of Shares ISIN code Class of New Shares ISIN code
Class A-2
(accumulation)
LU0513451269 Class A-2
(accumulation)
LU0119176310
Class I-2
(accumulation)
LU0513451426 Class I-2
(accumulation)
LU0231473439
Class X-2
(accumulation)
LU0837992774 Class X-2
(accumulation)
LU0837982460
New Shares will be issued to each Shareholder invested in the Merging Fund according to the
following formula: N = (S x P) / R
Where:
N = Number of New Shares to be issued to such Shareholder
S = Number of Shares of the corresponding class owned by such Shareholder immediately prior to the Effective Date
P = Price per Share of the corresponding class owned by such Shareholder for purposes of the Merger
R = Price per New Share of the relevant Class of the Receiving Fund
Aberdeen or one of its affiliates will ensure that Class I Shareholders will, for a period of one year from the Effective Date, effectively be subject to an ongoing charge that is no higher than the ongoing charge in respect of the Class I Shares they hold at the Effective Date. This will be achieved by increasing the value of each holding of Class I Shares in the Merging Fund by an amount equating to one year’s estimated value of the net increase in the ongoing charge, which is currently 0.09%, and making the associated allocation within three months of the Effective Date.
The price of each New Share to be issued shall be the price based on the Receiving Fund Value. All New Shares issued will be Group 2 Shares for the purposes of income equalisation.
The number of New Shares to be issued to each Shareholder will (if necessary) be rounded up to the nearest fraction (three decimal places) at the expense of the Management Company. Part of the consideration for the issue of New Shares in the Receiving Fund may be treated as income equalisation.
Costs
There will be no material portfolio adjustment costs associated with the Merger, although any portfolio adjustment costs that arise will be borne by the Merging Fund.
All of the costs of implementing the Merger, including legal, advisory and administrative expenses, will be paid by Aberdeen.
Tax implications
Please be aware that the Merger may create a chargeable tax event in your country of tax residence. Your tax position may also change as a result of the Merger under the tax laws in the country of your nationality, residence, domicile or incorporation and we strongly suggest seeking advice from your financial advisor to ensure that the Receiving Fund, in which you will become a shareholder, is in line with your requirements and situation.
UK Investors
HM Revenue & Customs (“HMRC”) has confirmed by letter to Aberdeen that section 137 of the Taxation of Chargeable Gains Act 1992 should not apply to the Merger and consequently section 136 of that Act should not be prevented from applying whatever the size of holding. Accordingly, the Merger should not involve a disposal of Shares in the Merging Fund for the purposes of tax on capital gains. New Shares in the Receiving Fund will have the same acquisition cost and acquisition date for capital gains tax purposes for each UK Shareholder as their existing Shares.
HMRC has also given clearance under section 701 of the Income Tax Act 2007 and section 748 of the Corporation Tax Act 2010 to the effect that the HMRC should not serve a counteraction notice in respect of the Merger to counteract any corporation tax or income tax advantages arising pursuant to the Merger.
What to do next
IF THE MERGER MEETS YOUR REQUIREMENTS, YOU DO NOT NEED TO TAKE ANY ACTION.
If you do not redeem your Shares as described below, you will automatically become a shareholder of the Receiving Fund on Friday 23 September 2016 at 23:59 (Luxembourg time) and will be sent a confirmation by Aberdeen shortly afterwards detailing your holding of New Shares. Dealing in New Shares will begin at 09:00 (Luxembourg time) on Monday 26 September 2016, being the next business day following the Effective Date.
If the Merger does not meet your requirements, you have the right to redeem your Shares in the Merging Fund free of charge or to switch into another sub-fund of Aberdeen Global II until 13:00 (Luxembourg time) on Thursday 22 September 2016. In such case, you should note that a redemption or switch will be treated as a disposal of Shares for tax purposes and you may be liable to tax on any gains arising from the redemption or switch of Shares.
Please note that due to the rationalisation of the Aberdeen fixed income fund range described above, if you switch your investment into another sub-fund in Aberdeen Global II such sub-fund may itself be subject to changes. Please see http://www.aberdeen-asset.com for details of affected sub-funds.
Additional Information
A copy of the relevant Key Investor Information Documents (“KIIDs”) of the Receiving Fund which should be carefully read is enclosed hereto. You may also obtain copies of the prospectus and the instrument of incorporation of Aberdeen Global, a copy of the relevant KIIDs of the Receiving Fund, a copy of the auditor’s report, a copy of the common terms of merger, and a copy of the respective confirmation statements made by the depositary in respect of the Merger, in each case free of charge, upon written request to Aberdeen Global Services S.A., 35a avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. The prospectus and the KIIDs can also be found at http://www.aberdeen-asset.com.
If you have any questions or would like any further information, please contact us at our registered office.
Alternatively, please call one of the following helplines:
Europe (excluding UK) and rest of the world: +352 46 40 10 820
UK: +44 (0)1224 425255
Asia: +852 2103 4700
5
Yours faithfully,
Soraya Hashimzai
For and on behalf of
the Board of Directors of Aberdeen Global II