The cash option was a little too popular
BlackRock Throgmorton Trust plc said it received elections for 38,939,252 ordinary shares under the cash option tied to its planned combination with BlackRock Smaller Companies Trust plc. That’s well above the 28,512,678-share limit, which is basically the corporate version of “sorry, the buffet closed early.”
So what happens now?
The company says excess cash applications will be scaled back by about 45.47% and converted into New BRSC shares instead. In plain English: if you wanted cash, you may be getting more stock than you bargained for.
The share shuffle is underway
After the reclassification, the remaining shares will be split into:
- 46,520,686 ordinary shares with “A” rights for New BRSC shares
- 28,512,678 ordinary shares with “B” rights for cash
The reclassification is set to take effect on April 15, 2026, with listing suspension expected the next day, April 16.
Why investors should care
This is the plumbing phase of a bigger trust combination, and plumbing matters. These kinds of restructurings can change who owns what, how much liquidity holders get, and how the combined vehicle trades once the dust settles. Big picture: the deal is still moving, but the final shape of the payout is now officially more “mixed bag” than clean cash exit.