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TR European Growth (TRG)

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Monday 06 December, 2004

TR European Growth

Share Repurchase Policy

TR European Growth Trust PLC
06 December 2004




                          TR EUROPEAN GROWTH TRUST PLC

                            Share Repurchase Policy

The Board of Directors of TR European Growth Trust plc (the 'Company') has been
reviewing its share repurchase policy in the light of its recent strong
performance and improved share rating. The Company's net asset value has risen
by 32.0% on a total return basis during the twelve months to 30 November 2004,
ranking it first out of the twelve investment trusts investing in European
markets; over the same period the discount to net asset value at which the
Company's shares have traded narrowed from 18.0% to 7.8%, and as at 3 December
2004 stood at 8.8%, compared to an average for European investment trusts of
9.1%. This improvement in the share rating has been bolstered by ongoing share
repurchases by the Company, with 2,735,000 ordinary shares bought back during
the last financial year at a cost of £4,787,000.

As a result of this review, the Board has determined to undertake a more active
policy of repurchasing its own shares with a view to limiting the discount to
net asset value at which the Company's shares trade. The precise level and
timing of any repurchases will depend upon the prevailing market conditions at
the relevant time and upon the ability of the portfolio manager to effect a
realisation of a proportion of the portfolio for cash on appropriate terms.

The Company has an existing authority remaining to repurchase up to 17,251,482
Ordinary Shares (being equivalent to 11.6% of its issued share capital) at any
time prior to the Company's next annual general meeting, which will be held on
Tuesday 14 December 2004. In light of the active repurchase policy which the
Board has determined to pursue as described above, the Company intends to use
that authority to repurchase up to 17,251,482 Ordinary Shares at noon on
Wednesday 8 December 2004 at a price equivalent to an 8.5% discount to the
manager's estimate of the net asset value per Ordinary Share at that time
(subject to this meeting the requirement of the UK Listing Rules that such a
repurchase must be made at a price not more than 5% above the average market
price of the shares for the five business days preceding the date of
repurchase). Having consulted with the Company's investment manager, the Board
is confident that a repurchase of this size at this level of discount will not
prove dilutive to the net asset value for continuing shareholders.

The Company is seeking a renewal of its share buyback authority, for up to 15%
of its issued share capital, at its forthcoming annual general meeting. It is
anticipated that this authority will also be utilised by the Company in
appropriate circumstances in order to maintain the repurchase policy detailed in
this announcement. Furthermore, subject to prevailing market conditions and in
the context of the Company's performance and discount level at the relevant
time, the Board may consider undertaking further corporate action, including
inter alia a tender offer to shareholders on a limited scale, with the aim of
maintaining the discount at such levels.


Audley Twiston-Davies                           020 7378 4500
TR European Growth Trust plc

Andrew Zychowski/Robbie Robertson               020 7623 8000
Dresdner Kleinwort Wasserstein

Stephen Westwood                                020 7818 5517
Henderson Global Investors

Dresdner Kleinwort Wasserstein, which is authorised and regulated by the
Financial Services Authority in the conduct of investment business, is acting
for the Company in connection with this announcement and no-one else and will
not be responsible to anyone other than the Company for providing the
protections afforded to clients of Dresdner Kleinwort Wasserstein nor for
providing advice in relation to the announcement.

                                    - END -

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