The trust’s final curtain call
BlackRock Throgmorton Trust plc just got the green light from shareholders to enter members’ voluntary liquidation as part of its combination with BlackRock Smaller Companies Trust plc (BRSC). In plain English: BST is turning the lights off, but not before passing the baton to BRSC through a scheme of reconstruction.
What shareholders actually get
The company says the scheme entitlements have now been calculated. Shareholders who elected for the rollover option will receive 0.449103 New BRSC Shares per Reclassified Share with "A" rights, while holders with "B" rights are set to receive cash from the liquidation pool at 644.463741 pence per share. The trust also flagged a total cash pool of £183.8 million, with realisation expected in about 8 weeks.
The boring paperwork that matters
The Reclassified Shares were suspended from listing on the FCA’s Official List at 7:30 a.m. on 16 April 2026 ahead of the vote. The board has also appointed Derek Hyslop and Richard Barker of Ernst & Young LLP as joint liquidators, which is the financial equivalent of saying, “Okay, the cleanup crew can come in now.”
Why investors should care
This isn’t a growth story; it’s a cash-and-rollover event. If you hold BST, your next move is less about watching a ticker and more about understanding whether you opted for shares, cash, or both — because the economics now depend on the conversion mechanics and payout timeline.
Big picture: BST is done as a standalone trust, and your capital is being remixed into BRSC or returned as cash. Not glamorous, but very important if you own the thing.