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Murray Ventures looks for memorable quotes

Tired of trading at a steep discount of 26% to its book value, Murray Ventures Investment Trust (MVIT) is selling off its unlisted portfolio to concentrate on quoted TMT stocks.

The directors of the £50m UK investment trust have entered a conditional acquisition agreement with Ace L.P, managed by Pantheon Ventures, under which Ace will buy the unlisted portfolio for £38.6m in cash.

They propose changing the trust’s name to Murray tmt PLC and using the cash raised through the sale to refocus its investment strategy on list technology, media and telecommunications shares.

The markets greeted the new positively, with shares in MVIT up 11.56% in morning trading from Thursday’s close. The trust’s shares have trailed the market over the past year, despite being up 12% on the year to March 30, prompting the directors to take action.