Hugo Boss surge lifts SVG's share buyback

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The shares jumped 20.3p to 258.3p on the news that the tender will be at a discount of only 10% to net asset value, which it said rose 13% to 337.1p a share during 2011.

The star performer was Hugo Boss, the fashion group, where SVG's stake gained £96.1 million in value to £260.9 million. The German fashion house today reported a 19% rise in sales and 34% jump in profits for last year and said 2012 had also begun strongly. Permira has owned Hugo Boss since 2007 and is now well advanced in its turnaround plan which could mean it may be sold off sooner than expected.

SVG, under pressure from shareholders to narrow the share price discount to net asset value, is planning £170 million of tenders and buybacks.