Global Smlr Cos.Tst - Share Buyback Authority

Global Smaller Companies Trust

28/07/2023 17:29

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RNS Number : 6274H  Global Smaller Cos. Trust PLC (The)  28 July 2023

 

 

 

 

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

 

THE GLOBAL SMALLER COMPANIES TRUST PLC

(the 'Company')

 

 

Share Buyback Authority

 

 

LEI: 2138008RRULYQP8VP386

 

 

The Company is restating the details of its current share buyback authority.

 

At the Annual General Meeting of the Company held today the Company was
granted authority to repurchase up to 77,946,388 of its ordinary shares. The
Company announces that as at 28 July 2023 it has authority to repurchase up to
77,946,388 of its ordinary shares remaining. Unless expressly revoked by
shareholders, such authority shall expire at the conclusion of the next annual
general meeting of the Company or on 27 October 2024 (whichever is earlier).
The Board expects to renew this authority annually and it is expected that
similar announcements will be made at the time of each renewal.

 

Any buyback may be funded from the Company's own cash resources or, if
appropriate, from short term borrowings. The maximum price payable per share
(exclusive of expenses) must not exceed the higher of: (i) 105% of the average
middle market quotations for the five business days preceding the date of
purchase; and (ii) the higher of the last independent bid and the highest
current independent bid on the London Stock Exchange. Shares repurchased will
either be held in treasury or cancelled.

 

The Company instructs Stifel Nicolaus Europe Limited to act as its broker in
respect of its buyback transactions. Any buybacks will be undertaken in
accordance with the Company's discount control policy. This arrangement is in
accordance with Chapter 12 of the UKLA Listing Rules and the Company's general
authority to repurchase shares.

 

 

28 July 2023

 

 

Name of contact and telephone number for enquiries:

 

 

Jonathan Latter

For and on behalf of Columbia Threadneedle Investment Business Limited,

Company Secretary

Telephone: 020 7628 8000

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