The board of directors of Blackstone Loan Financing (BGLF) has proposed a managed wind-down of the £301m trust due to its persistent discount to net asset value.
In a stock exchange notice today (26 June), the board also pointed to the trust's market capitalisation, lack of liquidity of its shares and the structure of the company as the reasons behind the decision. BGLF is currently trading at a 25% discount, according to the Association of Investment Companies, and BGLF's board said the prevailing discount limits its reinvestment opportunities and restricts further share issuance. "The board therefore believes that an orderly realisation of the company's investments will be in the best interest of shareholders as a whole," it said. abrd...
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