03/03/2026
We’re delighted to have helped with the proposed merger of BlackRock Throgmorton Trust PLC and BlackRock Smaller Companies Trust PLC, creating a larger, more liquid UK smaller companies’ investment trust with c.£780m in assets.
Key details of the merger include:
- Structure: The combination will be executed via a scheme of reconstruction involving a members' voluntary winding up of THRG, with shares rolling into BRSC.
- Management & Strategy: The enlarged BRSC will be managed by Roland Arnold (BRSC) and Dan Whitestone (THRG). The portfolio will continue focusing on quality growth in UK smaller companies, with a 15% allowance for global small-cap, similar to THRG's policy
- Shareholder Options: THRG shareholders are offered a cash exit for up to 38% of their holdings at a 1% discount to NAV, with BRSC shareholders offered a 28% tender offer
- Timeline: The merger requires 75% approval from shareholders at meetings expected on 26th March and 16th April 2026.
Our thanks to both companies and our wonderful clients at advisors Winterflood Securities, Stephenson Harwood, Investec and Dickson Minto.
If you'd like to find out how we can help ensure the success of your Investment Trust and Funds M&A, chat with us today: hello@blackandcallow.com
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