The performance per share of the Asian Recovery Fund dropped by -18.86% and the company told the stock exchange this morning that its Guernsey-incorporated Global Opportunities Trust might, as a result, “be negatively impacted”.
At the end of August, the Asian Recovery Fund made up more than one-fifth (20%) of the overall trust’s NAV. The company expects to confirm its net asset value at the end of September around 14 October.
Earlier this year, the trust’s board called an extraordinary general meeting after its discount control mechanism failed to stop its discount widening. At the end of last year, its sterling share class was at a 25% discount to NAV.
This was on top of a failed attempt in 2009 to close the discount through a share buyback.
