BEE.L Regulatory News (BEE)

Baring Emerging Europe Plc - Discount & performance based tender offer not triggered

PR Newswire

London, October 5

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014. This announcement has been authorised for release by the Company's Board of Directors.

5 October 2020

Baring Emerging Europe PLC (the “Company”)

Discount and performance based tender offer not triggered

On 15 December 2016, as part of its ongoing approach to discount management, the Company announced the implementation of a policy whereby it would make a yearly discount and performance-based conditional tender offer for up to 25 per cent. of the Company’s issued Ordinary Share capital. The discount and performance-based conditions to this tender offer are satisfied if:

i) the average daily Discount to NAV (‘cum-income’) exceeds 12 per cent. (as calculated with reference to the trading of the Shares) over the four year period immediately preceding each relevant publication date of the Company’s financial results (the “New Calculation Period”). (The first New Calculation Period was be the period between 1 October 2016 and 30 September 2020, and discount to NAV, for discount management purposes, is currently calculated with reference to the 365 day period prior to the publication of the Company’s results for the financial year.); or

ii) the performance of the Company’s portfolio on a total return basis does not exceed its benchmark (being the MSCI EM Europe 10/40 Index) by an average of 100 basis points per annum over the New Calculation Period.

The Board is pleased to report that based on unaudited numbers over the four year period from 1 October 2016 to 30 September 2020 (the first New Calculation Period):

i) the average daily Discount to NAV was 11.96% (calculated from the daily NAV disclosed via RIS); and

ii) the performance of the Company’s portfolio on a total return basis exceeded its benchmark by an average of 204 basis points per annum.

Accordingly, a tender offer for up to 25 per cent. of the Company's issued Ordinary Share capital will not take place this year.

For further information please contact:

Baring Emerging Europe plc, via J.P. Morgan CazenoveFrances Daley (Chairman)

J.P. Morgan Cazenove +44 (0)20 7742 4000William Simmonds

LEI: 213800HLE2UOSVAP2Y69