The Fidelity China Special Situations fund is set to issue further C-Shares worth up to £162m following an overwhelming vote by shareholders in favour of the move.
The firm's general meeting saw all resolutions relating to the share issue passed by over 97% of investors. The issue will be priced at 100p per share. Before the meeting held today, chairman John Owen explained the published net asset value is 102.96p and the share price is 107.5p, a premium of 4.41%. If the NAV stays at the same level, the shareholder will have 97.5p per C-share with which to purchase ordinary shares at NAV. Explaining how C-shares covert into ordinary shares, Owen says: "If the NAV stays at the same level, then you as a shareholder will have 97.5p per C-share to...
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