Barings Euro trust shareholders approve wind-up

Shareholders in Baring Emerging Europe Trust (BEET) have approved resolutions to liquidate the trust and reconstruct it as a closed-end investment company with the same investment policy and management team. The decision follows months of negotiation between the trust board and arbitrage specialist investment firm Laxey Partners, which holds around 10% of BEET's share capital and had pushed for a wind-up of the trust to allow shareholders an exit close to NAV. The implementation of the scheme is still subject to various conditions to be passed at another extraordinary meeting on 17 December.