Aberdeen UK Smaller Companies Growth Trust (LSE:AUSC) has published a shareholder circular and notices of two general meetings on its proposed combination with JPMorgan UK Small Cap Growth & Income (JUGI). The move, which would see AUSC wound up and shareholders offered new JUGI shares or a capped cash exit, sets a December timetable.

What AUSC announced on the London Stock Exchange

In a company announcement on 29 October 2026, AUSC said it had published a circular on the proposed combination with JUGI, for which the two boards agreed heads of terms on 18 September 2026. The combination would be implemented through a members' voluntary winding up of AUSC under a scheme of reconstruction under Section 110 of the Insolvency Act 1986. Shareholders who elect, or are deemed to elect, to roll over would receive new JUGI shares.

The circular contains notices of two AUSC general meetings, both at 10.00 a.m. at Dentons UK and Middle East LLP: the first on 23 November 2026 and the second on 8 December 2026.

How the two circulars link up

JUGI published its own circular at the same time, confirming that the documents relate to the same transaction. According to JUGI, most of AUSC's assets, the "Rollover Pool", would transfer to JUGI in exchange for new shares. AUSC shareholders could instead elect a cash option, capped at 35% of AUSC's issued share capital (excluding treasury shares) and paid at AUSC's residual net asset value less a 2% discount.

JUGI's manager, JPMorgan Funds Limited, would provide a management fee waiver equal to 12 months of fees on the assets rolling in from AUSC, plus a one-off marketing contribution equal to three months of those fees. The management fee would fall from 0.65% to 0.60% on the first £200 million of net assets. JUGI says the enlarged trust would be "one of the largest investment trusts" in the AIC UK Smaller Companies sector. The JUGI board unanimously urges its shareholders to vote in favour of the resolutions, which will be put to a general meeting at 3.30pm on 23 November 2026.

Costs and timetable details

JUGI estimates its proposal costs at no more than £600,000 and AUSC's at about £1.1 million. AUSC's timetable shows a pre-liquidation dividend, with an ex-dividend date of 5 November, a record date of 6 November and payment on 27 November. The election deadline is 1 p.m. on 30 November and the calculation date is 3 December. On 8 December, AUSC's listing is expected to be suspended, liquidators appointed and the scheme to take effect, with new JUGI shares expected to begin trading on 9 December. AUSC notes that dates other than the meetings "may be extended or brought forward".

Risks for shareholders in these UK shares

The scheme depends on shareholder approval at both companies' meetings. The cash option is capped at 35% of issued share capital, and cash would be paid at a discount to residual net asset value. The AUSC announcement itself does not set out the asset valuation basis, exchange ratio, share count or a board position, so those details sit in the full circular.

What investors may watch next

Key dates are the proxy deadline of 10 a.m. on 19 November, the 23 November meetings, the 30 November election deadline and the 8 December second general meeting, when election results and the fair asset value per share are due to be announced.

Consolidation among LSE stocks in the investment trust sector

The AUSC and JUGI circulars move a sector combination closer to a vote. For followers of the UK stock market, the meeting outcomes and the level of cash elections will show how shareholders weigh the combined trust's scale against a partial cash exit.