The Board of the Zero Preference Growth Trust is investigating several restructuring possibilities t...
The Board of the Zero Preference Growth Trust is investigating several restructuring possibilities to extend its life beyond the 9 August 2008 termination date.
If none of these are successful, the directors said a wind-up should not have any material impact on the stated assets and liabilities.
At the vehicle's year end, the full entitlement of the zeros was covered by the equity assets. At the same date, the Ordinary units stood at 0.83% premium to Nav, compared with a discount of 0.57% at the beginning of the year.
Over the 12 months to end July, the trust's equity assets increased by 5.96% net of all expenses.
Within this, the Nav of the zeros increased from 59.02p to 66.43p, and of units by 66.63p to 72.65p. The high accrual rate of the zeros continued to drag on the capital shares, which saw an Nav decline from 7.61p to 6.22p.
Mid-market share prices of the zeros, units and growth shares rose by 8.73%, 10.57% and 5.88% respectively.
Zero Preference Growth Trust is managed by Premier and has over 90% of its portfolio in other investment trusts, mainly focusing on zeros.
Top holdings include Royal London UK Equity ZDP and JZ Equity Partners ZDP.