The board of the Progressive European Alternative Portfolio is going ahead with a placing of up to 7...
The board of the Progressive European Alternative Portfolio is going ahead with a placing of up to 70 million shares after shareholders agreed to its conversion to a UK focus fund. The NAV per share of the trust, which has a market cap of around £17.5m, was recorded at 110.67p meaning the placing price is 11.79p per share. The placing will be completed by 25 April with dealing starting on 27 April. The closed-ended investment company will be renamed Advance Focus Fund on 6 May. Existing manager Richard Hill, who ran the vehicle as a fund of hedge funds, is being replaced with James Carth...
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