Sprott Focus Trust, Inc. announces an Equity Buyback for 5% of its issued share capital.
March 17, 2017 at 04:00 am
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Sprott Focus Trust, Inc. (NasdaqGS:FUND) announces a share repurchase program. Under the program, the company will repurchase up to 5% of its outstanding common shares. The repurchases will be made in the open market, between now and the Fund's fiscal year end of December 31, 2017. The Fund's repurchase program will be implemented on a discretionary basis under the direction of the Advisers. The Fund's repurchase activity, including the number of shares purchased, the average purchase price and the average discount to NAV, will be disclosed in the Fund's annual and semi-annual reports to shareholders. The Board will monitor the repurchase program and will continue to consider strategic options to enhance shareholder value in the long-term. The Board and the Advisers believe that the share repurchase program is a positive step that will put the Fund in a better position to address unforeseen circumstances as markets adapt to new economic and global realities. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts or that the market prices of the Fund's shares, either absolutely or relative to its NAV, will increase as a result of any share repurchases.
Sprott Focus Trust, Inc. (the Fund) is a Canada-based diversified closed-end investment company. The Fund's primary investment objective is long-term capital growth. The Fund normally invests at least 65% of its assets in equity securities. The Fund may invest up to 35% of its assets in direct obligations of the United States Government or its agencies and in the non-convertible preferred stocks and debt securities of domestic and foreign companies. The Fund invests a portion of its assets in securities of foreign issuers. The Fund invests in small-cap companies with significant business activities in the United States. The Fund invests in various sectors, including materials, financial services, energy, real estate, consumer discretionary, technology, industrials, consumer staples, and cash and cash equivalents. The Fund's investment adviser is Sprott Asset Management LP. The Fund's sub-adviser is Sprott Asset Management USA Inc.
SPROTT FOCUS TRUST, INC. 
