REG-Fidelity Emerging Markets Ltd: Share buy-back engagement

Fidelity Emerging MarketsAnnouncement

13/11/2023 07:15

Fidelity Emerging Markets Limited (the 'Company')

Legal Entity Identifier: 213800HWWQPUJ4K1GS84

 

 

Share buy-back engagement

The Board of Directors (the "Board") of Fidelity Emerging Markets Limited (the
"Company") (ticker: FEML) is pleased to announce that it has engaged both
Jefferies International Limited and JP Morgan Cazenove as buy-back agents to
effect market purchase of shares of behalf of the Company (the
"Engagements"). 

 

Pursuant to and during the term of the Engagements, the Company's buy-back
agents may independently of, and without influence by, the Company, effect
on-market purchases of Participating Preference Shares of no par value (the
"Shares") from time to time at its absolute discretion provided that the
maximum price payable for a Share on the Main Market of the London Stock
Exchange plc (the "Exchange") is an amount equal to the higher of:

 
1. 105 per cent. of the average market value of the Company's Shares as
derived from the London Stock Exchange Daily Official List for the five
business days immediately preceding the day on which such Share is contracted
to be purchased; or
2. the higher of the price of the last independent trade and the highest
current bid stipulated by Article 3(2) of the Commission Delegated Regulation
(EU/2016/1052).
 

Share buy-backs under the Engagements will be made pursuant to the authority
granted to the Company at its general meeting held on 8 December 2022, but the
Board advises shareholders there can be no certainty that the Company will
acquire any shares under these Engagements. The Engagements will commence with
effect from today and will, unless extended or terminated earlier, continue
until the next annual general meeting of the Company to be held on 7 December
2023, where the Company is seeking a new authority from shareholders to buy
back Shares.

 

A buy-back of Shares pursuant to the Engagement on any trading day may
represent a significant proportion of the daily trading volume in the Shares
on the Exchange (and could exceed the 25% limit of the average daily trading
volume of the preceding 20 business days as referred to in the Commission
Delegated Regulation (EU) No. 2016/1052 on buy-back programmes).

 

Fidelity Emerging Markets Limited will announce any market repurchase of
Shares no later than 7.30 a.m. on the business day following the calendar day
on which the repurchase occurred. To the extent permitted by law, Shares
bought back under the Engagements can either be held in treasury or
cancelled. 

 

For further information, please contact:

 

 Nira Mistry, Company Secretary +44 (0)7778 354 517                   
 Rupert Budge  J.P. Morgan Cazenove +44 207 134 7837                  
 Gaudi Le Roux Jefferies International Limited +44 (0)20 7548 4060    

 



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