The Troy Income & Growth trust (TIGT) has suspended share buybacks ahead of a possible merger with another investment trust.
In a stock exchange notice yesterday (2 November), the trust said it was now "very close" to fully utilising its annual buyback authority and depleting its distributable reserves used for buybacks under its discount control mechanism (DCM). "In addition, the board is currently exploring possible options for a combination with another investment trust, which would be affected by a scheme of reconstruction," it added. Therefore, it said it would be suspending the DCM and the buyback of its shares. Square Mile includes investment trusts in Academy of Funds for the first time Peel H...
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