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Seneca Global Income & Growth goes live with zero discount policy

Seneca Global Income & Growth Trust has announced that its new discount control mechanism (DCM), which is designed to ensure that the company trades close to net asset value, takes effect from 1 August 2016. The policy is described in more detail in the company’s most recent annual results but, in summary, the company will undertake share buy-backs, at a small discount to net asset value, when supply exceeds demand and the issue of new shares, at a small premium to net asset value, when demand exceeds supply. The company says that, under no circumstances, will any issue of shares result in a dilution of the net asset value per share and that in the event of the company increasing in size, shareholders should benefit by a consequential reduction in the Ongoing Charges ratio.

Seneca Global Income & Growth goes live with zero discount policy : SIGT

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