Fleming Emerging Markets to raise pounds 50m

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The Independent Online
Fleming Emerging Markets Investment Trust plans to raise a further pounds 50m, and has already provisionally placed pounds 37.5m of 100p shares with new and existing shareholders, mostly institutions.

The trust is raising the money through an issue of so-called C shares, forming a separate pool of assets that will bear the issue expenses. This device avoids dilution for the existing shareholders and allows Flemings to manage the new money separately until it is substantially invested.

The C shares will convert into new ordinary shares by no later than 30 September at a rate that will be determined by their respective net asset values. At the same time holders of C shares will receive one warrant for every five new shares issued to them.

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