Troy Income & Growth Trust suspends buybacks ahead of possible merger

Board exploring options for combination with another investment trust


The £152m Troy Income & Growth Trust has suspended its discount control mechanism ahead of a possible merger with another investment trust.

In a regulatory announcement last week (2 November), the trust’s board said it was ‘very close’ to using up its existing authority to repurchase shares.

“In addition, the board is currently exploring possible options for a combination with another investment trust which would be effected by a scheme of reconstruction,” the board added.

See also: The top-performing UK equity trusts trading on double-digit discounts

Chair Bridget Guerin expects to announce further details regarding the potential merger and discount controls by the end of November.

The trust is trading at a 4.9% discount to its net asset value, according to AIC data.

First launched in 1988, Troy Income & Growth has been managed by Hugo Ure since 2015, while co-manager Blake Hutchins joined the trust’s management in 2020.

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