Share Name Share Symbol Market Type Share ISIN Share Description
Tr European Growth Trust Plc LSE:TRG London Ordinary Share GB0009066928 ORD 12.5P
  Price Change % Change Share Price Shares Traded Last Trade
  10.00 1.03% 978.00 8,536 12:49:31
Bid Price Offer Price High Price Low Price Open Price
962.00 980.00 978.00 978.00 978.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 14.66 13.28 24.08 40.6 1,200
Last Trade Time Trade Type Trade Size Trade Price Currency
12:48:34 AT 50 978.00 GBX

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03/6/202009:55TR European Growth96

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Tr European Growth Daily Update: Tr European Growth Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker TRG. The last closing price for Tr European Growth was 968p.
Tr European Growth Trust Plc has a 4 week average price of 954p and a 12 week average price of 840p.
The 1 year high share price is 1,010p while the 1 year low share price is currently 536p.
There are currently 122,650,909 shares in issue and the average daily traded volume is 29,040 shares. The market capitalisation of Tr European Growth Trust Plc is £1,199,525,890.02.
davebowler: 4 Nov Winterfloods; We have published an analyst note today on TR European Growth*, which is available through the Analyst Notes section of our new research website and is summarised below. Turnaround in performance under Beckett Ollie Beckett took over responsibility for TR European Growth from Stephen Peak in July 2011. Since then, the fund's performance has stabilised and its portfolio has been extensively repositioned with an emphasis on good quality, mid and small cap companies. Stock selection is on a bottom-up basis with macro factors a secondary consideration. Traditionally this fund has been very growth orientated, and although the manager is a growth investor, the fund has a balanced portfolio of growth and value stocks at present. TR European Growth's long-term performance record has been volatile, although over the last ten years, the fund's NAV is up 257% compared with 235% for its benchmark, the HSBC Smaller European Companies ex UK index. Performance has improved under Ollie Beckett and since he assumed responsibility for the fund in July 2011, the NAV is up 17% compared with 14% for the benchmark. Performance has been stronger in share price terms over the period, up 25% on a total return basis, due to the discount tightening. Winterflood View Ollie Beckett has done a good job for shareholders in TR European Growth. Performance has picked up and the portfolio has been realigned in line with its mandate. It is now a genuine European mid and small cap equity fund. Given this turnaround, we believe that shareholders will be supportive at the fund's continuation vote at its AGM later this month. The manager makes a strong case for investing in European smaller companies at this stage of the cycle and, despite a partial recovery this year, valuations are still reasonable compared with longer-term averages. European smaller companies offer greater potential returns albeit with greater risk than mainstream European companies. Discounts on European large cap investment trusts have tightened considerably this year and a number are trading on premiums. In contrast TR European Growth is trading on a 13% discount. We believe that this presents an opportunity to investors who accept the manager's thesis that Europe is in a recovery phase that will benefit smaller companies.
1philipio: What's going on here? NAV is 470 but the share price is languishing down below 400. Talk about a discount!
keyboard: I have to agree with Indieman re share-price stability in the case of TREG following this tender offer, which I also think is a non-starter for small share-holders. Also, market conditions vis-a-vis the euro/£ exchange rate over the last twelve months have favoured TREG but if the euro falls considerably vs sterling, the outlook for TREG could also be affected adversely. Predicting exchange rates is a mug's game, so any weakness in sterling might imo give TREG holders a better opportunity to sell than what is on offer now!
indieman: Stoic, Small shareholders CAN bypass market forces etc by accepting the Tender Offer. I also bought in 2001 but sold before they fell of a cliff. This Offer has been put in place to avoid the share price dropping back as the major holder bails out. That should help stabilise the price rather than the opposite. I don't see the connection between new sales of shares and liquidation of some of the trust's assets. Am I missing something?
stoic warrior: Indieman - thanks for that. It is easy to forget that these things which masquerade as something for all shareholders, are really only something for the Boys. I have read deeper in their docs and it seems TRG's major client wants to sell (Carrousel?). Now it is not my intent to sound sarcastic here but wouldn't it be nice if we small (even small-ish) shareholders could bypass market forces and market makers. I've held this in an ISA 5 years, predating TR's envolvement and the share price is only just now getting back to near what it was in 2000-'01. I fear, however, that once the major s/h's transaction is done this price will drop back, at least a fair bit, undoing all the hard fought increase these past couple years. If no new sales (of shares) then some liquidation will have to happen. That may also mean the loss of a good manager or two there, most likely the one(s) responsible for building this back up. My view. Pity.
indieman: Stoic, The price to buy is 6.5% below NAV, so if you wanted to buy it would be at a premium to the current price. This might be attractive for people wanting to buy a very large stake without going through the market and pushing the price up. The raison d'etre for the tender is to allow a very large stakeholder to heavily reduce/eliminate his holding without affecting the share price adversely. The difference between current discount and 6.5% discount is a few pence in favour of sellers and would be worthwhile if you were thinking of selling anyway. The fact that they intend repeating the Tender Offer in future suggests they are keen to stabilise the discount at not more than ca. 10%.
Tr European Growth share price data is direct from the London Stock Exchange
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