JPM Claverhouse joins FTSE 250 after Blackrock Throgmorton merger
-JPMorgan Claverhouse Investment Trust PLC will join the FTSE 250, FTSE Russell announced on Thursday, following the merger of Blackrock Throgmorton Trust PLC into Blackrock Smaller Companies Trust PLC.
Back in February, Blackrock Throgmorton said the deal would bring together two similar investment companies with significant portfolio overlap and create a company with net assets of approximately £780 million, delivering greater scale, liquidity and cost efficiencies.
Activist investor Saba Capital, which had a 17.8% voting interest in Blackrock Throgmorton, and a 10.4% voting interest in Blackrock Smaller Cos, voted in favour of the plans.
The combined entity will remain on the FTSE 250 as Blackrock Smaller Companies Trust PLC.
The enlarged Blackrock Smaller Companies has also adopted a new investment policy, effective Thursday.
The investment manager will continue to invest predominantly in listed UK smaller companies, but will have additional latitude to invest in small cap stocks outside of the benchmark index, Blackrock said.
It will also be permitted to invest up to 15% of the company’s gross assets, at the time of acquisition, in global small cap stocks which are listed overseas and which do not have a primary or secondary UK listing.
All changes to the index will be made effective April 21.
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