REG-Capital Gearing Trust P.l.c.: Publication of Circular and Notice of General Meeting

Capital Gearing TrustAnnouncement

25/02/2025 11:30

LONDON STOCK EXCHANGE ANNOUNCEMENT

Capital Gearing Trust P.l.c.

(the ‘Company’)

 

Publication of Circular and Notice of General Meeting

 

Renewal of share buy-back authority

 

25 February 2025

 

Legal Entity Identifier: 213800T2PJTPVF1UGW53

 

The Board of Directors of the Company (the "Board") announces that it is today
publishing a shareholder circular (the "Circular"), which contains a notice of
a general meeting (the "General Meeting"), at which the Board is seeking
Shareholders' approval to renew the Company's buy-back authority in order to
support the continued operation of the Company's discount / premium control
policy (the “DCP”).

 

The General Meeting will be held at the offices of Frostrow Capital LLP,
25 Southampton Buildings, London WC2A 1AL, at 10.00 a.m. on Wednesday 26
March 2025.

 

The DCP aims to purchase or issue Ordinary Shares to ensure, in normal market
conditions, that the Ordinary Shares trade consistently close to their
underlying net asset value ("NAV") per share.

 

At the Company’s 2024 annual general meeting (the "2024 AGM"), Shareholders
granted the Company authority to buy back up to 3,123,857 Ordinary Shares
(representing 14.99 per cent. of the issued share capital of the Company
(excluding Treasury shares) as at the date of the 2024 AGM). Since the 2024
AGM, and as at the Latest Practicable Date, the Company has bought back
2,403,415 Ordinary Shares for a total consideration of £114.5 million,
utilising a significant portion of this authority.

 

To avoid a situation arising whereby the existing buy-back authority is fully
utilised prior to the Company's next annual general meeting, resulting in the
Board being unable to implement its DCP, the Board believes that it is in the
best interests of the Company and its Shareholders for the buy-back authority
to be renewed prior to the next annual general meeting. Accordingly, the Board
has convened the General Meeting in order to seek the authority of
Shareholders to renew the Company's authority to make market purchases of its
Ordinary Shares.

 

Timetable

                                                                                  
 Latest time and date for receipt of forms of proxy  10.00 a.m. on 24 March 2025  
 General Meeting                                     10.00 a.m. on 26 March 2025  

 

A copy of the Circular will be submitted to the National Storage Mechanism
and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Circular and
the Notice of the General Meeting will also be made available shortly on the
Company's website at www.capitalgearingtrust.com

 

Unless otherwise defined, all definitions used in this announcement have the
same meanings as described in the Circular.

 

-ENDS-

For further information please contact:

Frostrow Capital LLP - Company Secretary
Alison Vincent
0203 709 2481

company.secretary@capitalgearingtrust.com   

 



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