Robeco Dutch MidCaps and Robeco Euroland MidCaps were amalgamated into Robeco European MidCaps on 17 March 2002. The shareholders of these amalgamated companies gave their approval for the merger at the Extraordinary General Meeting of Shareholders held on 8 February 2002.
Robeco European MidCaps focuses on companies with high profitability combined with good growth potential. Since the valuations of small-caps are currently attractive compared with large-caps, the fundâ€™s long-term outlook is positive. Fund manager Arnoud Wolff comments: â€˜The merger strengthens Robeco European MidCapsâ€™ leading position in Europe. It enables us to thoroughly analyze thousands of relatively unknown companies throughout Europe. Therefore, we will continue to invest in larger databases and efficient search methods.â€™ The merger will create fund assets of more than EUR 250 million. The Robeco mid-cap team currently manages over EUR 700 million.
The swap ratio was determined on the basis of the net asset values of the portfolios as at Friday evening, 15 March 2002. On the basis of these net asset values the swap ratio for the exchange of one ordinary Robeco Dutch MidCaps share was set at 1.2307 Robeco European MidCaps shares. For the exchange of one ordinary Robeco Euroland MidCaps share this ratio was set at 0.5984 Robeco European MidCaps share.
The net asset values are:
Robeco Dutch MidCaps : EUR 65.49
Robeco Euroland MidCaps : EUR 31.84
Robeco European MidCaps : EUR 53.22
The shares will automatically be swapped into Robeco European MidCaps shares, at both Robeco Direct and Rabobank and other banks as well. The management fee of the three funds amounted to 1.2% on an annual basis, and will remain the same for Robeco European MidCaps.