BlackRock Frontier announces result of rollover- BlackRock Frontier Markets (BRFI) has announced today the results of the C share issue from BlackRock Emerging Europe plc (BEEP) windup (read more here). BlackRock Frontier will be issuing C shares for 100 pence per C share in exchange for the transfer to it of cash, cash equivalent and securities from BEEP’s portfolio.
BRFI will be acquiring approximately £37,375,087 net assets from BEEP with 37,375,087 C shares in accordance with the plan laid out for the windup of BEEP. The amount of C shares to be issued was calculated by using the formula asset value for BEEP ordinary shares which was 331.16 pence. The BRFI shares were issued at 100 pence per C share, so BEEP shareholders will receive 3.3116 C shares per BEEP ordinary share. The board has also decided that another additional 7,552,493 C shares will be issued at 100 pence per C share. The total gross proceeds raised from the issue of C shares is approximately £44,927,580. The NAV per C share at the time of issue of the C shares will be 99 pence.
Once the C shares are issued BlackRock Frontier total share capital will be 203,991,108 ordinary shares and 44,927,580 C shares, with each ordinary share and C share holding one voting right.
The C shares will be converted into ordinary shares once the portfolios are substantially the same.
BRFI- BlackRock Frontier announces result of rollover