Anglo & Overseas merger with EP Global

4th Feb 2011 18:08

Anglo & Overseas Trust is being wound up and shareholders offered the chance to swap their shareholding for shares in EP Global Opportunities Trust. Anglo & Overseas has been concerned by the share price's discount to net asset value. The average discount in 2010 was 14.8%. A share buy back was considered but that might have made the trust too small to attract investors. Anglo & Overseas shareholders can receive shares in EP Global or cash for their shareholding. They can also choose a combination of the two. The final terms will depend on the respective NAVs of the trusts on 7 March. EP Global is managed by Edinburgh Partners and its discount to NAV is less than 4% - helped by a buy back policy. The trust invests in undervalued global shares. Costs will reduce as a percentage of NAV and EP Global's larger size will make it more attractive to some investors. Anglo & Overseas intends to pay an interim dividend, which will be announced on 23 February.The scheme should be completed on 11 March.