Bolton's trust starts share buybacks to tighten discount

Anthony Bolton's £674m Fidelity China Special Situations fund has made its first share buyback since listing on the London stock exchange fifteen months ago.

The trust's board has bought back 100,000 of its own shares at a price of 83.25p per share, in a bid to reduce the company's discount, which has widened out to 4.3%, according to Winterflood. The trust's discount is close to its one-year high of 8%, prompting the company's board to step in to attempt to steer it towards par. "The company's board has decided to buy back shares in order to address the trust's discount," said a spokesperson. The trust was trading between an 8% and 10% premium at the end of last year before the group announced a C-share issue which raised £166.25m. ...