Scottish Mortgage (SMT) poured over £684.1m into its own shares in the first half of 2024, passing the minimum halfway point of its £1bn share buyback launched just six months ago.
This figure was nearly three times the five-year average of £242.1m in share buybacks carried out by the company between 2019 and 2023, according to recent data from the £13.3bn investment trust giant. In 2021, the trust set a record for buybacks, repurchasing nearly £467.6m of its own shares while also issuing £525.6m during the same period. SMT's Stewart Heggie: 'How long do you let the discount go on without taking concerted action?' Earlier this year, Scottish Mortgage made at least £1bn available to buy back its shares in an effort to narrow its then widening discount. The ...
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