Fairfax I.S. PLC was appointed as Financial Adviser to Acorn Income Fund Ltd in relation to the reconstruction of the Company and the return of capital to shareholders.

Acorn Income Fund Limited is a currency domiciled closed end fund which invests predominately in smaller company shares (75%) with the balance of 25% invested in a high income portfolio comprising of gilts, fixed interest securities and some split capital shares.

At the Companys Annual General Meeting earlier this year, the special resolution proposed at that meeting, that the Company ceases as an investment company, was not carried by the necessary 75 per cent. majority of votes cast. Notwithstanding this and in accordance with its earlier undertakings, the Board announced that it would put forward proposals to Shareholders which would provide the opportunity for Shareholders wishing to realise or reduce their investment in the Company to do so at close to net asset value.

The Board together with its advisers has received and reviewed a number of proposals and has consulted widely with Shareholders. During that process it has become apparent that a significant number of Shareholders would like to continue their investment in the Company.
In light of this, the Board, having been independently advised by Fairfax I.S. Limited, is in the process of finalising the following proposals which will be subject to Shareholder approval.

Listing Exchange: Full List

Sponsor: Fairfax I.S. PLC

Broker: Fairfax I.S. PLC