Troy Income & Growth suspends DCM with merger on the cards

Troy Income & Growth (TIGT) has announced that it is now very close to (i) fully utilising its existing authority to repurchase shares; and (ii) depleting its distributable reserves, which are required to effect buybacks under its discount control mechanism (DCM). It has also said that its board is currently exploring possible options for a combination with another investment trust which would be effected by a scheme of reconstruction. Given these considerations, TIGT’s board has decided to suspend the DCM with effect from close of business today (3 November 2023). TIGT says that further details of the proposed scheme of reconstruction will be announced by the end of November and that, in the event that the board decides not to proceed with a scheme of reconstruction, it will provide a further update on when the DCM will recommence.

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