Unicorn funds or cash exit option for closing Falcon Trust

Peter Webb's Falcon investment trust is to offer a cash exit or rollover into an open-ended Unicorn ...

Peter Webb's Falcon investment trust is to offer a cash exit or rollover into an open-ended Unicorn vehicle, with the firm deciding it is impossible continue at its current size. This comes after a restructuring scheme designed to control the discount by buying back shares on a quarterly basis cut the trust size by almost half. At the end of 2005, the board introduced the scheme to ensure the share price better reflected the underlying net asset value. According to chairman John Moxon, the scheme achieved its objective and over the 12 months to 31 December, the average discount was 6.7% ...