Henderson Smaller Companies (HSL) has started buying back shares for the first time in 13 years after deciding that tackling the deep discount warranted the risk of shrinking the £600m investment trust.
Stock exchange filings show that when its shares fell to 15% below net asset value (NAV) in late March, the board stepped in for the first time since 2011, spending £746,523 on repurchasing its shares in 10 transactions.
In a statement, the board (chaired by Penny Freer) said its goal was enhancing the trust’s NAV by buying the shares cheaply.