Templeton Emerging offers performance triggered tender – Templeton Emerging Markets’s board has been consulting shareholders in advance of its continuation vote (scheduled for the AGM in July 2019).
In response to the shareholder feedback received, the board has decided that, subject to the passing of the continuation resolution, it will introduce a five-year performance-related conditional tender offer. There will be no tender offer if the NAV total return exceeds the benchmark total return (MSCI Emerging Markets Index TR). However, if over the five-year period to 31 March 2024, it underperforms, the board will put forward proposals for a tender offer for up to 25% of the issued share capital at a 2% discount to NAV (less the costs of the tender offer). Any tender offer will also be conditional on shareholders approving the continuation vote in 2024 and would take place following the 2024 annual general meeting.
The largest shareholder, City of London Investment Management, representing 14% of theissued share capital, has provided an irrevocable undertaking to vote in favour of the continuation resolution.
TEM : Templeton Emerging offers performance triggered tender