Progressive trust forced to buy back quarter of share capital

Progressive's Advance UK Trust was forced to buy back almost quarter of share capital in its first y...

Progressive’s Advance UK Trust was forced to buy back almost quarter of share capital in its first year of using discount controls. The fund of investment trusts saw its NAV shrink from £88.7m to £76.2m over the year to 31 August despite generating a share price total return of 14.8% over the 12 months. The board, which pledged to control the trust’s discount at its AGM last year, said the forced sale of share capital was a disappointing outcome. Celebrating its tenth year as a trust, manager James Carthew said buybacks were a result of a number of shareholders on its register rushing...