TEMIT unveils enhanced buyback and tender offer to boost share demand

Cut to management fees planned

The Templeton Emerging Markets investment trust (TEMIT) has revealed four initiatives to help bolster demand for the fund’s shares.

The measures include enhanced share buybacks, a five-year dividend commitment, a conditional tender offer and a phased cut to its management fees. TEMIT's board has decided to repurchase up to 10% of the trust's current net assets for up to £200m over the next 12 to 24 months, if its current discount to net asset value persists, as well as continue the programme at a "sustainable rate" thereafter. Templeton Emerging Markets appoints chair as Paul Manduca steps down Over the last five years, the trust has bought back 143.2 million shares for £218.2m. According to data from the As...