Listed hedge fund Boussard & Gavaudan Holding will this month ask shareholders to approve the creation of a sterling class of ordinary shares to be listed and traded alongside its exis
Listed hedge fund Boussard & Gavaudan Holding will this month ask shareholders to approve the creation of a sterling class of ordinary shares to be listed and traded alongside its existing euro ordinary shares class on Euronext Amsterdam.
In addition, the fund is making an application for admission of its sterling and euro share classes to the official list of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities, creating a dual primary listing for B&G Holding in London and Amsterdam.
UBS Investment Bank is to be appointed financial adviser in connection with the dual listing and as sponsor in connection with the admission to the official list.
The sterling share class will be created through the conversion of existing euro shares into sterling shares at the prevailing net asset value per euro share at a specified conversion calculation date.
Shareholders wishing to participate in the conversion process will be required to notify the company prior to the calculation date, and they should receive their sterling shares shortly after the admission to trading of the sterling class. Thereafter shareholders will be able to convert shares from one class to another at the prevailing net asset value at a conversion calculation date at the end of each quarter.
B&G Holding has convened an extraordinary general meeting on June 17 at which it will seek shareholder approval for the creation of the sterling share class and the establishment of a quarterly conversion facility. Admission of the sterling shares to listing and trading on Euronext Amsterdam and the completion of the dual listing in London is expected early in the second half of the year.
‘I am delighted that B&G Holding has decided to go ahead with the creation of a sterling share class and a dual primary listing in Amsterdam and London,’ says Emmanuel Gavaudan, chief executive of Boussard & Gavaudan Asset Management.
‘These measures are aimed at achieving liquidity and transparency for the benefit of shareholders, and it is hoped that the quarterly conversion facility will assist B&G Holding in accomplishing these objectives. The proposals the company has announced are intended to be shareholder-friendly and to bring long-term benefits to all investors.’