Oversubscribed tender offer for Fidelity trust 'spells trouble'

Oversubscribed with 85.1% electing to tender

clock • 2 min read
Tender issue was oversubscribed
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Tender issue was oversubscribed

Shareholders of the £1.2bn Fidelity Emerging Market’s trust expressed their lack of confidence in the new management as its 25% tender offer was significantly oversubscribed, commentators have said.

In a stock exchange announcement today (19th October) the board trust said the 25% tender offer at a 2% discount to NAV was oversubscribed with £103.3m, representing 85.1% of shares, in issue electing...

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