Schiehallion launches $20m buyback programme

Discount widens to 55%

The Schiehallion Fund is launching a buyback programme for up to £20m in a bid to narrow its widening discount to net asset value.

In a stock exchange notice today (2 November), the private equity investment trust said only $20m could be allocated to repurchase its own shares at this time, given the "limited available capital". According to the Association of Investment Companies, the trust holds over £1bn in assets and is currently trading on a 56.9% discount to net asset value. The AIC Growth Capital sector is trading at an average 55% discount.  Schiehallion share price falls 28% despite year-on-year losses narrowing One of its sector peers, Chrysalis Investments, recently set out proposals to change its ca...