News

Throgmorton in Gartmore's sights

17 April 2008 16:00:00

Fund manager Throgmorton Trust said it has received a merger proposal from rival Gartmore Growth Opportunities.

It said the offer involves a share-for-share exchange based on Throgmorton's current net asset value (NAV), adding that its shares are currently trading at a wide discount to its NAV.

The proposal is at an early stage and may or may not lead to an offer, Throgmorton said, adding that it would assess any offer with a view to minimising any discount to its NAV.

Throgmorton said it envisaged making a further announcement shortly.

Throgmorton's ordinary NAV at mid valuation with prior charges at par was 168.59p at the close of business on Wednesday, 16 April.

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