Shares in RIT Capital Partners (LSE:RCP) rose 5% to 2,379p after the investment trust unveiled a package of measures aimed at closing the discount between its share price and the value of its assets.
The trust, one of the largest listed on the London market, said it would buy back up to £300 million of shares through a tender offer.
The offer will be priced at a 15% discount to net asset value as at 30 June, a level the board said would be meaningfully accretive for continuing shareholders.
Net asset value per share is expected to be published on 22 July.
RIT said the shares continued to trade at a material discount to their underlying value despite what it called a high-quality portfolio and strong balance sheet.
The board also flagged a review of its dividend policy, including consideration of a higher payout from 2027.
It will continue its active buyback programme, having repurchased more than 11% of its shares, worth £378 million, since 2023.
Chair Philippe Costeletos said the measures reflected confidence in the portfolio and balance sheet.
Jefferies and JP Morgan are acting as joint tender managers.
The tender offer will be funded through portfolio sales, existing liquidity and balance sheet resources.
