Gartmore trust seeks new buy-backs as Guy leaves

The Gartmore European trust is applying for special measures to defend its share price following the resignation of its high-profile manager Roger Guy.

The board is seeking to renew the trust’s share buy-back facility to enable it to buy more shares and support the trust’s stock price.

“The Directors intend to use the authority only in accordance with the Company’s published discount management and share buy-back policy,” the board says. (article continues below)

“If approval is not obtained, the Company is likely to exhaust its existing authorities and be unable to continue to apply its buyback policy until the authorities are renewed, which typically would be at the Annual General Meeting.”

However, the board says the trust’s next annual general meeting is not due until late January.