The VH Global Sustainable Energy Opportunities (GSEO) trust has unveiled a £10m share buyback programme in a bid to address its widening discount to NAV.
In its interim results for the six months to 30 June 2023, the GSEO board said the share buybacks, which represent nearly 15% of the trust's issued capital, will be funded from the trust's surplus liquidity. The programme is expected to be accretive to NAV per ordinary share and dividend cover, as well as provide additional liquidity for GSEO's underlying shares. The GSEO board said it was "acutely aware" of the impact the trust's discount to NAV has on shareholder returns, noting it will commit to undertake buybacks when it believed "those to be in the best interests of shareholders"...
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