Sectors
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Transaction Experience
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Frances Davies previously led a number of corporate transactions for her investment trust clients, including the pioneering of a structure which semi-open ended a small cap company. The objective was to make the shares more liquid by establishing a buy-back mechanism which protected a given discount to NAV. Furthermore, and for the first time in a UK investment trust, shareholders had an opportunity each quarter to cash in their shares, subject to Board approval, which underpinned both price and liquidity in a difficult sector.