Fidelity Emerging Markets tender offer oversubscribed by nearly six times

88% of shares in issue validly tendered

Fidelity Emerging Markets’ (FEML) tender offer for up to 14.99% of shares in issue has been oversubscribed by nearly six times.

In a stock exchange notice on Monday (25 March), the £681m investment trust said around 79,829,958 shares were validly tendered, representing approximately 88% of the shares in issue.  After considering the rounding down of each valid applicant's participation to the nearest whole share, FEML will buy a total 13,531,881 shares under the tender offer. Fidelity Emerging Markets launches tender offer for up to 15% of share capital The tender price, which has been calculated as 98% of net asset value as at 22 March, was 740.3p per share.  "Having narrowed from a discount of c.15% at...