An offering of shares in the rollover vehicle for the £412m Charter European Trust will be made avai...
An offering of shares in the rollover vehicle for the £412m Charter European Trust will be made available to new investors in late April.
Shareholders in the current trust have been given the option either to take cash or roll over into a new pan-European investment trust under a plan issued last week by the board of the Charter European.
The creation of a new trust and the offer of a cash exit were forced on Dresdner RCM, manager of the trust, following the vote on 1 March, which put an end to a hostile bid by Hendersons to take over the trust and merge it with the Henderson Eurotrust.
The new trust, which is subject to shareholder approval at an EGM on 12 April 2002, will be called the Charter Pan-European Trust, managed by Dresdner RCM, with shares issued at a price of 150p. If the board gets the go-ahead, Charter European will be wound-up on 25 April.
If the trust does not receive commitments of £40m, investors will instead be offered the opportunity to roll over into the Pan European Fund, a sub fund of Dresdner RCM UK & European Investment Funds Oeic.
The new trust, managed by Juliet Cohn, will principally invest in larger, quoted pan-European companies with approximately one third likely to be in the UK at launch. It will be able to gear up to 20%.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation