Colin Kingsnorth of Laxey Partners has defied the odds and won his battle to force through a restructuring at Baring Emerging Europe, Baring's flagship investment trust which has some US $300m (€309m) in assets.

The Baring Emerging board, which until now had been resisting Laxey's efforts, have agreed on a deal which would allow Laxey and other dissident shareholders to get their money out of the fund at a price "related to net asset value".