Fidelity Emerging Markets launches tender offer for up to 15% of share capital

To narrow double-digit discount

Fidelity Emerging Markets (FEML) has launched a tender offer for up to 15% of its share capital to be announced in the first quarter of 2024, in a bid to narrow its discount.

In a stock exchange notice on Monday (28 November), the board said the pricing of the tender offer, which is subject to shareholder approval at a general meeting, is expected to be at the prevailing NAV per share less 2%, with further details announced in "due course". According to data from the Association of Investment Companies, Fidelity Emerging Markets holds £610.9m in assets under management and is trading at a 10.4% discount to net asset value.  Pantheon International completes £150m tender offer "The board of directors is mindful that the company's shares have traded at a d...