Fidelity Emerging Markets Ltd – Result of Tender Offer and Tender Price
Fidelity Emerging Markets Limited, a prominent figure in the investment landscape, recently announced the outcomes of its tender offer and the related tender price, concerning participating redeemable preference shares.
Result of Tender Offer
In an update following the initial circular distributed to shareholders on 22 February 2024, which detailed a tender offer for up to 13,531,881 shares—equating to 14.99% of the shares in issue as of 21 February 2024 (excluding shares held in treasury)—the Company has disclosed a substantial response. The tender received valid submissions for 79,829,958 shares, significantly exceeding the initial offer.
Shareholders who tendered an equal or lesser percentage of their shares relative to their Basic Entitlement are assured of a complete purchase of tendered shares under the tender offer. Additionally, for those who tendered a greater percentage than their Basic Entitlement, a calculated scale back occurred, allowing for the purchase of shares equating to their Basic Entitlement along with approximately 1% of their Excess Applications, in harmony with the methodologies outlined in the circular.
Upon completion of a detailed scale back procedure and rounding down adjustments, the Company confirms the total redemption of 13,531,881 shares under this tender offer.
Tender Price Announced
The acquiring price for the shares accepted in the tender offer has been set at £7.4030 per share. This tender price is the result of a calculation derived from 98% of the Net Asset Value per share as of 22 March 2022, in line with the formula disclosed in the previously published circular.
Settlement and Further Proceedings
The settlement of the tender offer is anticipated to occur on or around 27 March 2024. The company intends to promptly dispatch the consideration payable for the accepted shares following this settlement. This move is a significant step for shareholders who participated in the tender offer, marking the culmination of this process.
For Further Inquiries: Fidelity International has made available contact resources—George Bayer at +44 (0)20 7961 4240, alongside their joint brokers, Jefferies International Limited and J.P. Morgan Cazenove, to address any further questions or needs for clarification from shareholders or investors.
This announcement regarding the tender offer and subsequent tender price determination signifies an essential update for Fidelity Emerging Markets Ltd shareholders. It reflects the company’s commitment to maintaining transparency and ensuring shareholder value is at the forefront of their operations. Stakeholders are encouraged to stay informed and engage the resources provided for any assistance or further information.
The information provided herein is for informational purposes only and does not constitute financial, legal, or investment advice. It’s essential for shareholders and potential investors to conduct their due diligence and consult with professional advisors before making investment decisions.
