2nd Apr 2014 09:22
The World Trust Fund
Proposed Tender Offer
The 2013 annual report and accounts of The World Trust Fund (the “Company”) stated that if, at the end of the financial year, (i) the Company’s Shares have traded at an average discount over the financial year of more than 10 per cent. and (ii) the Company’s performance (as measured by its net asset value total return) over the preceding two financial years has underperformed the benchmark (the MSCI All Countries World Index) by more than one per cent. per annum, the Company will (subject to receiving necessary shareholder approval) offer to purchase, by way of tender offer, up to 15 per cent. of the Company’s issued share capital at a 2 per cent. discount to diluted net asset value per share (less the costs and expenses of the tender offer).
The average discount over the financial year ended 31 March 2014 was in excess of 10 per cent. and the Company has underperformed the benchmark by more than one per cent. per annum. Accordingly, the Company will be preparing the necessary tender offer documentation (subject to approval of the CSSF in Luxembourg and the FCA in the UK) to seek the necessary shareholder consent and a further announcement containing details of the tender offer will be made in due course.
Enquiries:
| Westhouse Securities Limited Alastair Moreton Hannah Young/Darren Vickers 020 7601 6118 |
| State Street Bank Luxembourg |
| Isabelle Charlier |
| + 352 46 40 10 7068 |
Listing Category: Premium – Equity Closed-ended Investment Fund
Copyright Business Wire 2014
Related Shares:
WTR.L