LONDON (Alliance News) – BlackRock Frontiers Investment Trust PLC on Tuesday it has issued nearly all of the shares it is capable of under its existing authority due to high demand in the market, and said it will seek approval from shareholders to issue more shares as a result.
BlackRock Frontiers said its shares have “consistently traded” at a premium to its net asset value since its annual general meeting on the last day of January, “which indicates that there is ongoing demand for them in the market”.
As a result, the trust has issued 16.4 million shares since the AGM, leaving it with authority to issue only 310 more under existing approval.
A general meeting will therefore be held on December 11, where it will ask for approval to issue new shares equal to 10% of its issued share capital as of Thursday, which stands at 180.8 million shares, implying approval would allow the trust to issue up to about 18.1 million shares under new authority from shareholders.
BlackRock Frontiers shares were up 0.2% on Tuesday at 157.04 pence.
By Joshua Warner; email@example.com; @JoshAlliance
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