Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

TR European Growth (TRG)

  Print      Mail a friend       Annual reports

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 -

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                        

a d v e r t i s e m e n t