Emcit converts to unit trust

Emcit converts to unit trust

THE BOARD of Emerging Markets Country Investment Trust (Emcit) announced proposals yesterday for the winding up and unitisation of the company. Under the proposals, which will be voted on by shareholders on 27 March, the company would be liquidated, its assets placed in Emerging Markets Country Trust and units distributed to shareholders. City of London Investment Management - Temcit's managers - said: "This is a painless way of shareholders realising the value of their investment." Earlier this week the chairman of the pounds 185m Overseas Investment Trust resigned, just days before the board was due to publish proposals for the future of the company.