PVM investment trust wants unloved holdings

Progressive Value Management's Aim-focused work-out fund offers other managers the opportunity to dispose of unwanted holdings. Run by the firm's managing director Robert Legget, Ross Courtier and Simon Toynbee, the Guernsey-domiciled investment trust will be able to take positions up to a maximum combined value of between £30m and £50m. Managers seeking to use the product will receive shares proportionate to the value of the holding they contribute, with all positions liquidated within a three-year period. As positions are sold down throughout the product's term, cash will be distributed t...