Scottish Mortgage announces $1.3 bln buyback over next two years (updated)

Scottish Mortgage Investment Trust

15/03/2024 07:28

(Adds details in paragraph 2, background in paragraph 3)
       March 15 (Reuters) - Scottish Mortgage Investment Trust
 SMT.L , Britain's largest investment trust, will buy back
shares worth 1 billion pounds ($1.27 billion) over the next two
years, it said on Friday, as its portfolio companies deliver
strong operational results.
    SMT, one of asset manager Baillie Gifford's flagship trusts
and an investor in big U.S. tech stocks, said the buybacks were
part of its intention to take more "concerted action" to address
the discount to net asset value at which the its shares trade. 
    Last year, the trust named Justin Dowley its new chair as
part of a broader boardroom shake-up, as it sought to draw a
line under a board dispute following a steep decline in its
share price. 
 
 ($1 = 0.7848 pounds)

 (Reporting by Eva Mathews in Bengaluru; Editing by Savio
D'Souza and Rashmi Aich)
 ((Eva.Mathews@thomsonreuters.com;))