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Plackett's Hedge Selector board weighs 'enhanced' discount controls
by Sarah Miloudi on Nov 16, 2012 at 12:55
The board of BlackRock Hedge Selector is considering new discount control mechanisms.
The trust's board said it recognises the 'importance shareholders place on liquidity and discount control' after it announced plans to redeem all of its cash fund shares in issue after the next share conversion between the UK emerging company shares and the cash fund shares, due at the end of this year.
After this point, holders of the UK emerging company shares will no longer be able to convert.
The cash fund switching facility has acted as a discount control mechanism since the trust's launch in September 2009, so as a result of the change, the Hedge Selector board said it is considering an 'enhanced' discount control and liquidity mechanism.
The details of its options have not been released to investors.
At the vehicle's launch some three years ago, £48.7 million was raised from shareholders, according to Numis data.
The trust acts as a feeder into the UK Emerging Companies Hedge fund, which is managed Richard Plackett (pictured), who also runs BlackRock's UK Special Situations fund and co-manages Throgmorton Trust.
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