LONDON (dpa-AFX) - Fidelity European Trust PLC and Henderson European Trust plc have entered into heads of terms for a combination of the two companies pursuant to a scheme of reconstruction of Henderson European Trust under section 110 of the Insolvency Act 1986. The enlarged Fidelity European Trust will continue as the combined entity.
Under the Scheme, eligible HET shareholders will be deemed to have elected to receive New FEV Shares in respect of their HET shares save to the extent that they validly elect to receive cash in respect of some or all of their HET shares. The Cash Option is limited to 33.3 percent of HET's shares in issue.
Fidelity will make a significant contribution to the costs of the proposals, equivalent to a waiver of 12 months of management fees in respect of the assets that roll over from HET. The Fidelity contribution, which is currently estimated to have a value of approximately 2.4 million pounds, is expected to fully offset FEV's direct transaction costs.
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