Update - Discount Control Policy

Capital Gearing Trust

31/10/2023 07:00

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

To:  PR Newswire

From:  Capital Gearing Trust P.l.c.

LEI:   213800T2PJTPVF1UGW53

Date:  31 October 2023

 

 

Capital Gearing Trust P.l.c. (the "Company")

 

Update - Discount Control Policy

 

Since 2015 the Company has operated a discount control policy ("DCP") which
aims to ensure that, in normal market conditions, the share price remains
close to the underlying net asset value. The Company is seeking approval from
the Northern Irish Courts to reclassify its share premium account as
distributable reserves, a legal procedure that will support the operation of
the DCP for the foreseeable future.

 

As a result of technical and administrative issues resulting in delays, the
Company has been advised by its Northern Irish legal advisers that the Court
process may take around three months to conclude.

 

The Company's available distributable reserves now stand at approximately
£23.8 million. Whilst these reserves will support additional share buyback
activity, the Board will be temporarily limiting the daily buyback authority
to try and manage the remaining reserves through to the receipt of the Court
approval.

 

Shareholders should be assured that the Board remains fully committed to the
DCP and any temporary modifications will be reversed as soon as the Northern
Irish Court process is concluded.

 

 

For enquiries:

 

Juniper Partners Limited - Company Secretary

Tel: 0131 378 0500

Email: company.secretary@capitalgearingtrust.com 

 

 



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