Global Smlr Cos.Tst - Share buyback authority

Global Smaller Companies Trust

13/08/2024 14:50

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RNS Number : 3062A  Global Smaller Cos. Trust PLC (The)  13 August 2024

 

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 on 13 August 2024 the
Company was granted authority to repurchase up to 71,834,793 of its ordinary
shares. Such authority shall expire at the conclusion of the next annual
general meeting of the Company or on 13 November 2025 (whichever is earlier),
unless such authority is varied, revoked or renewed prior to such time by the
Company in general meeting. 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
of the middle market quotations for an ordinary share for the five business
days immediately preceding the date on which the ordinary share is contracted
to be purchased; and (ii) an amount equal to the higher of the price of the
last independent trade of an ordinary share and the highest current
independent bid for such a share on the London Stock Exchange at the time the
purchase is carried out. 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 9 of the Listing Rules and the Company's general
authority to repurchase shares.

 

 

13 August 2024

 

Columbia Threadneedle Investment Business Limited

Company Secretary

Telephone: 020 7464 5000

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