Montanaro UK Smaller Companies (MTU) today announced a £20m buyback, representing around 12% of its outstanding share capital. The announcement follows the introduction of a buyback policy earlier this year, the first since 2008, which has been implemented in order to help manage the company’s discount which currently sits at 7.8%. The significant size of the repurchase, which matches the last disclosed stake of Saba Capital, has led to speculation that the trust has enabled the activist investor to exit its stake.
MTU: Montanaro UK Smaller Companies announces surprise buyback, raising speculation of Saba exit
