Alliance Trust discount falls 'in line with peer group' after share buybacks

Over 30 million share repurchased

Following the introduction of its "more proactive approach to share buybacks", the board of the £3.1bn Alliance Trust has repurchased over 30 million ordinary shares, which has led the discount to narrow compared to its recent average.

Since 15 December, the company has repurchased over 30.5 million ordinary shares, representing approximately 6% of the trust's issued share capital. Almost immediately after the announcement to introduce the new approach, the trust's discount narrowed to 5.4%, almost half that of its 12 month average of 10%. Since the buyback process took place, the discount has remained around this level, which the board said stands "more in line with the company's immediate peer group". The board has also announced any beneficial shareholder holding more than 10% of the issued share capital will ...