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This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement, nor any part of it, shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

28 November 2023

ABRDN SMALLER COMPANIES INCOME TRUST PLC

Legal Entity Identifier: 213800J6D2TVHRGKBG24

Result of Scheme Elections

In connection with the proposals for a combination of abrdn Smaller Companies Income Trust plc ("ASCI" or the "Company") with Shires Income plc ("Shires" or "SHRS") by way of a scheme of reconstruction of the Company under Section 110 of the Insolvency Act 1986 (the "Scheme"), the Board of the Company is pleased to announce the following Elections in connection with the Scheme:

·    Rollover Option - 14,384,088 Ordinary Shares (of which, 3,013,726 Ordinary Shares are held by Shires who will receive their distribution in specie)

·    Cash Option - 7,725,677 Ordinary Shares

In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option. Overseas Shareholders have been deemed to have elected for the Cash Option. Therefore, the Shares will be reclassified as follows:

·    11,370,362 Shares with "A" rights, being the right to receive New SHRS Shares;

·    7,725,677 Shares with "B" rights, being the right to receive cash; and

·    3,013,726 Shares with "C" rights, being in respect of the Ordinary Shares held by Shires who will receive their distribution in specie.

Applications have been made to the FCA and to the London Stock Exchange for the Ordinary Shares to be reclassified for listing and trading purposes with effect from 8:00 a.m. on 30 November 2023.

The Listing of the Company's Reclassified Shares are subsequently expected to be suspended at 7.30 a.m. on 1 December 2023. Defined terms used in this announcement have the meanings given in the Company's circular to Shareholders dated 17 October 2023 (the "Circular").

The Circular is available for viewing on the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:

General

The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the document referred to above, is neither incorporated into nor forms part of the above announcement.