Abrdn Private Equity Announces £38.6M Share Buyback After Action Sale

Jan 26, 2024 | News

abrdn Private Equity Opportunities Trust PLC – investor in private equity funds and co-investments, mostly with a European focus, managed by abrdn PLC – Will use portion of the EUR34.6 million it banked from the recent sale of its co-investment in European discount retailer Action to launch a share buyback programme.

 

Trust says the buyback is aimed at reducing the discount of its share price to net asset value per share. This gap currently is wider than at any time other than the financial crisis of 2008 and the pandemic of 2020, it notes, and materially wider than the 10-year average of 22%.

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The company has the power to buy back up to 8.1 million shares, worth about GBP38.6 million at the current share price, and the board will ask for this to be renewed at the next annual general meeting.

abrdn Private Equity Opportunities says it will continue paying a quarterly dividend as well, which it aims to maintain in line with inflation.

Current stock price: 477.02 pence, up 1.3% in London on Thursday. 

Source: London South East

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