Aberforth Geared Value & Income Trust plc
Introduction
Aberforth Geared Value & Income Trust plc was launched, and received its listing on the London Stock Exchange, on 1 July 2024. It is an investment trust with two classes of share – Ordinary Shares and Zero Dividend Preference (ZDP) Shares – both of which are traded on the London Stock Exchange.
The Trust has a planned winding up date of 30 June 2031.
Objective
The Trust’s investment objective is to provide Ordinary Shareholders with high total returns incorporating an attractive level of income, and to provide ZDP Shareholders with a pre-determined Final Capital Entitlement of 160.58 pence on the planned winding up of the Company expected to occur on 30 June 2031.
Policy
The Trust aims to achieve its objective by investing in securities of companies that are or that would be constituents of the Deutsche Numis Smaller Companies Index (Excluding Investment Companies). The upper limit to this index was companies with a market capitalisation of £1.9bn as at 1 January 2025 (the date of the last annual index rebalance). This market capitalisation limit will change owing to movements in the stockmarket. The portfolio is diversified and will normally consist of investments in between 50 and 100 individual companies.
In seeking investments the approach will be fundamental in nature involving regular contact with the management of prospective and existing investments in conjunction with rigorous financial analysis of these companies. The emphasis within the portfolio will reflect the desire to invest in companies whose shares represent relatively attractive value within a given stockmarket environment.
Full details of the “Investment Policy” and “Investment Strategy” are set out in the prospectus and the investor disclosure document, which is available from the Literature Library.
Board of directors
Angus Gordon Lennox, Chair
Appointed: 25 April 2024
Angus Gordon Lennox has an extensive knowledge of the investment industry with 23 years at Cazenove, latterly J.P. Morgan Cazenove, where he was a managing director and Head of the Investment Companies Department. He held this position until 2010 when he retired. Angus is also the executive chairman of two family businesses and chairman of The Mercantile Investment Trust plc.
Graeme Bissett
Appointed: 25 April 2024 | Chairs the Audit Committee
Graeme Bissett is chair of the Audit Committee and is a chartered accountant. He was a senior partner of Arthur Andersen LLP, with responsibility for its corporate finance and audit practices in Scotland from 1990 to 1998. Graeme has previously served as non-executive chairman of Macfarlane Group plc. Graeme has also previously served as finance director of international groups and as a non-executive director on a number of private and listed company boards including until 2024 Smart Metering Systems plc. Graeme is a non-executive director with Calnex Solutions plc and Cruden Holdings Ltd. He is a trustee of Pitlochry Festival Theatre and a member of the Strategic Advisory Group of the Scottish Government’s proposed Heat in Buildings Strategy.
Lesley Jackson
Appointed: 25 April 2024 | Chairs Management Engagement Committee
Lesley Jackson is chair of the Management Engagement Committee and is a chartered accountant. She was the Group Chief Financial Officer (‘CFO’) for Stock Spirits PLC from 2011 to 2018. She has previously served as the Group CFO for William Grant & Sons, and as Group CFO of United Breweries (an Indian listed public company). She is a non-executive director of The Artisanal Spirits Company plc and also serves as a Governor on the Federation of Victoria School and Cherry Oak School, special needs schools in South Birmingham.
Jane Tufnell
Appointed: 25 April 2024 | Senior Independent Director
Jane Tufnell is the Senior Independent Director. She started her career at County NatWest, firstly in corporate finance and then moving to fund management where she jointly ran the NatWest pension fund’s exposure to UK smaller companies. In 1994, she co-founded Ruffer Investment Management Limited where she worked for over 20 years to build the business to an AUM of £20 billion, before leaving in 2015. Jane now has a variety of directorships including Schroders Capital Global Innovation Trust plc. She is also chair of ICG Enterprise Trust plc and recently retired as chair of Odyssean Investment Trust plc.
Rolling 12 Months
| Event | Date |
|---|---|
| Half-Yearly Results announced | 28 January 2025 |
| Half-Yearly Report available | 7 February 2025 |
| First Interim Dividend pay date | 10 March 2025 |
| Annual Results announced | July / August 2025 |
| Annual Report available | July / August 2025 |
| Second Interim Dividend pay date | August 2025 |
| Annual General Meeting | October 2025 |
Company Codes and Identifiers
| Identifier | Code |
|---|---|
| GIIN | DDY70V.99999.SL.826 |
| LEI | 2138006A8FCYYWSJKE32 |
Security Codes and Identifiers – Ordinary Shares
| Identifier | Code |
|---|---|
| SEDOL | BPJMQ25 |
| ISIN | GB00BPJMQ253 |
| Bloomberg ticker | AGVI LN |
| Reuters | AGVI.L |
| TIDM | AGVI |
Security Codes and Identifiers – ZDP Shares
| Identifier | Value |
|---|---|
| SEDOL | BPJMQ36 |
| ISIN | GB00BPJMQ360 |
| Bloomberg ticker | AGZI LN |
| Reuters | AGZI.L |
| TIDM | AGZI |
Aberforth Geared Value & Income Trust plc is a company registered in England & Wales (registered number 15602886) and its registered office address is Level 4, Dashwood House, 69 Old Broad Street, London EC2M 1QS. It has its principal place of business at 14 Melville Street, Edinburgh EH3 7NS.
The Trust is an investment trust under section 1158 of the Corporation Tax Act 2010 and is an investment company as defined by section 833 of the Companies Act 2006.
Retail Distribution
The Trust currently conducts its affairs, and intends to continue to conduct its affairs, so that its Ordinary Shares and Zero Dividend Preference Shares can be recommended by Independent Financial Advisers (IFAs) to ordinary retail investors in accordance with the rules of the Financial Conduct Authority (FCA) in relation to non-mainstream pooled investment products.
The Trust’s Ordinary Shares and Zero Dividend Preference Shares are excluded from the FCA’s restrictions that apply to non-mainstream pooled investment products because they are shares in an investment trust.
ISA Approved
The Trust’s Ordinary Shares and Zero Dividend Preference Shares are both eligible for inclusion in a Stocks and Shares ISA (Individual Savings Account).
Association of Investment Companies
The Trust is a member of The Association of Investment Companies (AIC).
Buying and selling shares in the trust
Shares can be bought and sold via trading platforms, independent financial advisers or stockbrokers. The Association of Investment Companies (AIC) website lists platform information.
MUFG Corporate Markets
For queries relating to share registration, share certification, transfers, estates and similar.
Tel: 0371 664 0300
(Calls cost 12p per minute plus network extras)
Literature Library
For further documentation on Aberforth Geared Value & Income Trust plc, such as factsheets and report & accounts.