Saba Capital Comments on the Proposed Combination of BlackRock Throgmorton Trust Plc and BlackRock Smaller Companies Trust Plc

BlackRock to merge two investment trusts following Saba backing

BlackRock is set to merge two of its investment trusts, Throgmorton Trust and BlackRock Smaller Companies Trust (BRSC), to form a combined £780m entity, after receiving support from activist investor Saba Capital Management. Saba holds an 18% stake in Throgmorton and 10% in BRSC and has agreed to vote in favour of the merger, taking a cash exit as part of the transaction. Shareholders will be offered a 38% cash exit in Throgmorton Trust and a 28…

Two BlackRock small-cap trusts to merge

The boards of BlackRock Throgmorton Trust (THRG) and BlackRock Smaller Companies Trust (BRSC) have approved resolutions to merge their portfolios, contingent on shareholder approval. See also: Invesco Global Equity Income trust approves merger with Franklin Global trust This combination will result in a portfolio with £780m assets under management, the second-largest trust in the IT UK Smaller Companies sector. Following the merger, Roland Arnol…

BlackRock Throgmorton to merge with BlackRock Smaller Companies after gaining Saba's blessing

The consolidation trend has moved to BlackRock with its Throgmorton (THRG) small-cap trust agreeing to merge with the larger BlackRock Smaller Companies (BRSC). Shareholders will be offered 38% and 28% cash exits in both investment trusts respectively at 1% discounts to net asset value. Saba, the activist holding 17.8% of BlackRock Throgmorton and 10.4% of […]

Saba Capital Comments on the Proposed Combination of BlackRock Throgmorton Trust plc and BlackRock Smaller Companies Trust plc

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