Progressive trust forced to buy back quarter of 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 return of 14.8% over the 12 months. The board said the forced sale of share capital was disappointing. Celebrating its tenth year as a trust, manager James Carthew said buybacks were a result of a number of shareholders rushing for the door once discount controls were introduced. "The sale of share capital represents a trans...