Spheria Emerging Cos. Ltd. (AU:SEC) has released an update.
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Spheria Emerging Companies Limited has proposed a scheme to counteract the persistent undervaluation of its shares relative to net tangible assets by allowing shareholders to exchange shares for units in its Smaller Companies Fund, contingent on a greater than 5% discount average during the upcoming quarter. The Board will assess the average daily discount over the Measurement Period, with a worked example provided to aid shareholder understanding. Should the discount be less than 5%, the company will remain listed without pursuing the exchange proposal.
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