PPT "corporate action" buyout ?
Just got info from broker regarding a "corporate action" in Putnam
Premier Trust (PPT) in which they'll buy my shares at 98% of FMV
on July 12 (I have to decide by July 10 or so). For reasons that
escape me, the FMV is different (quote XPPTX) than the share price
What's going on here ? Good idea ? I bought PPT on Brewer's
mention, and it's performed pretty nicely since then !
I would tender all of your shares and see what they take. The tender is being made at a 2% discount to NAV. PPT crrently trades at greater than a 9% discount to NAV. I imagine you will only get a portion of your shares taken at the tender price, but it is worth doing.
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