17th Aug 2018 17:04
LONDON (Alliance News) - Genesis Emerging Markets Fund Ltd said Friday it will pay 746.03 pence per share for its tender offer shares.
The fund said Wednesday it will buy up to 13.5 million of its shares, representing 10% of shares in issue. The 746.03p price equals 97% of Genesis' net asset value per share at close on Thursday and will be settled by September 3.
Using the figures given, Genesis will pay GBP100.7 million for the shares. Once the acquired shares have been cancelled, the company will have 121.5 million shares in issue.
Shares in Genesis Emerging Markets closed down 0.2% at 679.00p on Friday.
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GSS.L