The board of the £130m BlackRock Emerging Europe trust (BEEP), managed by Sam Vecht, is giving shareholders the option of a full cash exit or the opportunity to rollover assets into his £293m Frontiers investment trust, after ditching plans for a tender offer.
The BEEP board, which proposed a tender offer to shareholders earlier this year, later announced this would result in the trust's remaining assets falling below the minimum level it deemed necessary for it to continue. It therefore elected not to proceed with the tender offer and confirmed in June, that revised proposals would be put to shareholders, including the option of a full cash exit. Today, the board of BEEP has announced its intention to put forward proposals to put the company into voluntary liquidation and offer shareholders the option to receive cash at net asset value ...
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