REG - Herald Inv Trust PLC - Secured Future for Herald

Herald Investment TrustAnnouncement

07/05/2026 07:00

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RNS Number : 3776D  Herald Investment Trust PLC  07 May 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION (EU) NO 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

7 May 2026

For immediate release

HERALD INVESTMENT TRUST PLC

(the "Company" or "Herald")

Secured Future for Herald with Katie Potts and Aberdeen, Agreement with Saba
and Proposed Tender Offer at close to the NAV per Share

 

Highlights

·      Heads of terms agreed to appoint Aberdeen Investments((1)) as the
Company's AIFM, with Katie Potts continuing as the Company's investment
manager - there will be no change to the Company's investment mandate.

·      Proposed tender offer for up to 66 per cent. of the Company's
issued share capital, with options for entitlements to be satisfied 33 per
cent. in specie or 33 per cent. for cash.((2))

·      Saba to elect to exit Herald in full in the Tender Offer. ((3))
Saba has entered into an irrevocable undertaking and standstill agreement for
a period of three years.((4))

·      Saba's election for the in specie option increases capacity for
other shareholders to choose the cash option, guaranteeing at least a c. 51
per cent. cash exit opportunity, with potential for significantly more
depending on overall take-up.

·      Aberdeen has committed to use the initial six months of
management fee income received from Herald to make market purchases of shares,
aligning Aberdeen with the Company's shareholders.

Introduction

The board of Herald (the "Board") is pleased to announce that it has agreed
heads of terms with Herald Investment Management Limited ("HIML"), the
Company's current alternative investment fund manager ("AIFM"), and Aberdeen
Investments((1)) (together with other members of its group, "Aberdeen") in
respect of a proposed tender offer (the "Tender Offer") and proposed changes
to the Company's management and administrative arrangements (together with the
Tender Offer being the "Proposals"). In connection with the Proposals, the
Board is also pleased to announce that it has entered into an irrevocable
undertaking and a three year standstill agreement with Saba Capital
Management, L.P. ("Saba", including funds, accounts and investment vehicles
managed, advised or sub-advised by Saba or any of its affiliates where
applicable, but excluding any investment companies from time to time
registered under the U.S. Investment Company Act of 1940, as amended which are
managed by Saba or any of its affiliates).((4))

The Board believes the Proposals, which are supported by Saba, provide a
stable foundation for the Company's future growth. The Company's shareholders
("Shareholders") who wish to stay invested will continue with the current
investment manager, Katie Potts, and the existing proven and highly successful
investment strategy. At the same time, the Proposals offer Shareholders a
significant exit opportunity, should they wish it, at close to the net asset
value ("NAV") per share as at the time of the exit.

The Tender Offer will be for up to 66 per cent. of the Company's ordinary
shares (the "Shares"), with an option to elect for entitlements to be
satisfied in specie or for cash (with each option capped at 33 per cent. of
the Shares in issue, save as increased to the extent that the other option is
not fully utilised).((2))

It is proposed that, following the completion of the Tender Offer, the
appointment of HIML as the Company's AIFM will be novated (or terminated) and
Aberdeen will be appointed in its place. Katie Potts, the Company's investment
manager, and a number of investment professionals and other current HIML
employees will then become employees of Aberdeen.

The Board believes the Proposals will deliver the following significant
benefits for Shareholders:

·      Choice for Shareholders: Eligible Shareholders will have the
choice of remaining invested in the Company, with Katie Potts as the
investment manager, or electing for an exit at close to the NAV per Share at
the time of such exit. Long-term Shareholders, who have benefitted from the
Company being one of the investment trust sector's top 20 performers in share
price total return terms over the past decade, can avoid crystallising an
unwanted tax event by continuing to hold their Shares.

·      Continuity of management and investment process: The Company will
continue to be managed by Katie Potts, supported by individuals joining
Aberdeen from HIML. The management team will employ the same proven investment
strategy that has delivered a 3,437 per cent. NAV total return from the
Company's inception.((5)) Shareholders who remain invested in the Company will
not bear any direct costs of the Tender Offer in respect of their continuing
investment.

·      Significant liquidity opportunity at close to the NAV per Share:
Eligible Shareholders will have an opportunity to exit part of their
investment in the Company, with entitlements settled either in specie or for
cash consideration, with the ability to over-elect. With Saba holding
approximately 30 per cent. of the Company's Shares, and electing for the in
specie option, the cash option will effectively represent a minimum c.51 per
cent. exit opportunity for those Shareholders who wish to elect in full for
cash, with potential for significantly more depending on overall take-up
(noting that the minimum 51 per cent. would be in the scenario where every
Shareholder, with the exception of Saba, elected in full for the cash exit).

·      No wholesale forced realisation: The in specie option reduces the
extent of the realisations required from the Company's portfolio, and
therefore the impact on value for both continuing and exiting Shareholders,
relative to the other options available to the Company. The requirement for
further substantial realisations to fund the Tender Offer is also lessened by
the fact that the Company currently holds c.23.5 per cent. of its portfolio in
cash and cash equivalents.((6))

·      Strategic reset: Reaching agreement among differing groups of
Shareholders will enable the investment manager to focus once again on making
long-term investments in pursuance of the Company's objective, whilst also
removing an obstacle to attracting new Shareholders. There is no guarantee
that the other solutions considered would have commanded sufficient votes to
be adopted, potentially prolonging the damaging impasse or leading to a
solution less attractive to all Shareholders.

·      Platform for future growth: The appointment of Aberdeen as AIFM
offers Shareholders significant benefits, in addition to being critical to
unlocking a deliverable solution for all Shareholders. Aberdeen's considerable
resources and experience within the listed funds sector, together with its
marketing expertise, provide a strong platform to enable Herald to continue
providing Shareholders with access to attractive long-term investment
opportunities.

Implementation of the Proposals remains subject to, among other things,
Shareholder approval of the Tender Offer and the agreement of binding
documentation between Aberdeen, HIML and Herald in respect of the proposed
changes to the Company's management arrangements.

Background to the Proposals

The Board has always aimed to serve the interests of all Shareholders, while
recognising that differing groups of Shareholders have, in recent years, had
different objectives for their investments.

The Board therefore, having reviewed a number of options, proposed a 100 per
cent. tender offer, as first announced on 9 January 2026. This tender offer
was cancelled as there was not sufficient Shareholder support. The Board then
began preparations for another 100 per cent. tender offer, but with a 50 per
cent. vote requirement and no condition for Saba to tender (the "Backstop
Tender Offer"). Concurrently, as announced on 3 February 2026, constructive
dialogue has been ongoing in an attempt to find a solution that would be in
the best interests of Shareholders and the Company as a whole.

The Board understood from discussions with Shareholders that many would like
to remain invested in the Company's current mandate, given the very strong
long-term performance of Herald, which has delivered a 3,437 per cent. NAV
total return since inception.((5)) Furthermore, many Shareholders have
significant capital gains on their holdings. The Board is conscious that,
should the Company have proceeded with the Backstop Tender Offer, these
Shareholders would have been faced with a choice of realising these gains in
the Backstop Tender Offer, which would crystallise an unwanted tax event, or
keeping their investment in what may have become a Saba managed and controlled
vehicle with a different investment mandate.

The Board therefore believes that a solution supported by Saba, which offers
both a significant exit at close to the NAV per Share for all Shareholders
along with a viable continuation option managed by the incumbent investment
manager, is in the best interests of Shareholders as a whole.

The Proposals allow the Company's investment manager, Katie Potts, to once
again commit fully to making long-term investments into promising technology
and communications companies, in line with the strategy's successful long-term
investment horizon. The Proposals also increase the ability for the Company to
attract new long-term Shareholders.

Having agreed the irrevocable undertaking and standstill with Saba, and heads
of terms with HIML and Aberdeen, the Board will now turn to negotiating
definitive transaction documentation in respect of the proposed management
arrangements whilst preparing the shareholder circular in respect of the
Tender Offer (the "Circular").

The Circular, currently expected to be posted around the end of May, will set
out the full terms and conditions of the Tender Offer and the action to be
taken by those wishing to tender their Shares. The Circular will also include
notice of a general meeting of the Company, at which Shareholders will be
asked to approve the Tender Offer (the "General Meeting").

 

Tender Offer summary

It is expected that the Tender Offer will be made for up to 66 per cent. of
the Shares in issue as at a record date to be determined by the Company (the
"Record Date").

 

The Tender Offer will comprise:

 

·    an option for Qualifying In Specie Shareholders (as defined below) to
have their entitlement to consideration for their tendered Shares satisfied
through arrangements pursuant to which they acquire portfolio assets of the
Company of equivalent value (the "In Specie Option"), limited to 33 per cent.
of the Shares in issue((2)) (save as increased to the extent that the Cash
Option is not fully utilised); and

·    an option for Eligible Shareholders (as defined below) to receive
cash consideration for their tendered Shares (the "Cash Option"), also limited
to 33 per cent. of the Shares in issue((2)) (save as increased to the extent
that the In Specie Option is not fully utilised).

 

Shareholders, excluding sanctions restricted persons and certain overseas
Shareholders, whose names appear on the Company's register of members as at
the Record Date ("Eligible Shareholders") will be entitled to tender their
Shares pursuant to the Cash Option or, subject to meeting the additional
eligibility criteria to be set out in the Circular, pursuant to the In Specie
Option (with Eligible Shareholders who meet such additional criteria being
"Qualifying In Specie Shareholders"). Qualifying In Specie Shareholders may,
in respect of the interests of an underlying beneficial owner of Shares, only
elect for either the In Specie Option or the Cash Option in respect of such
beneficial interests.

 

Eligible Shareholders will be entitled to elect for the Tender Offer in
respect of their entire holding of Shares. However, a scaling back exercise
will be conducted if aggregate elections for the Tender Offer as a whole
exceed 66 per cent. of the Shares in issue.

 

As Saba has committed to elect for the In Specie Option for its entire
holding, which represents around 30 per cent. of the Shares in issue, it is
expected that Eligible Shareholders electing for the Cash Option will be able
to successfully tender significantly more than their basic entitlement. For
purely illustrative purposes, should every Shareholder apart from Saba
over-elect for the Cash Option in respect of their entire holding, and
assuming all elections are valid, all such Shareholders would be able to
realise around 51 per cent. of their holding. In practice, as the Board
believes many Shareholders will wish to remain invested with the Company, this
may be a material overestimate of the likely elections (which would create
further capacity for over-elections).

 

In total, no more than 66 per cent. of the Shares in issue will be bought back
pursuant to the Tender Offer. Notwithstanding that overall limit:

 

·      If fewer than 33 per cent. of the issued Shares are validly
tendered for the In Specie Option, and the Cash Option is oversubscribed, the
total number of Shares that can be bought back pursuant to the Cash Option
will be increased by the remaining capacity under the In Specie Option.

·      If fewer than 33 per cent. of the issued Shares are validly
tendered for the Cash Option, and the In Specie Option is oversubscribed, the
total number of Shares that can be bought back pursuant to the In Specie
Option will be increased by the remaining capacity under the Cash Option.

 

Any such increased capacity under the Tender Offer will be allocated amongst
all Shareholders who have validly elected for the relevant option in excess of
their basic entitlement in a manner which is, as near as practicable, pari
passu and pro rata among all such Shareholders.

 

Tender Offer pricing

 

The tender prices for the Cash Option and the In Specie Option will be
adjusted down for all costs and expenses paid or payable by the Company in
respect of the Tender Offer (excluding portfolio realisation costs and with
portfolio transfer costs only being applied against the In Specie Option)
together with any applicable VAT (together, the "Costs") in proportion to the
number of Shares validly tendered for the Cash Option or In Specie Option (as
applicable), after any scaling back exercise. Shareholders who remain invested
in the Company will not bear any direct costs of the Tender Offer in respect
of their continuing investment.

 

The tender price for the Cash Option will be equal to the NAV per Share as at
a calculation date to be determined by the Company (the "Calculation Date")
(adjusted to take account of any Costs already incurred or accrued in the NAV
at that time) less (i) a discount of 2 per cent. (the "Cash Option Discount");
and (ii) the proportionate Costs allocated to each Share successfully tendered
for the Cash Option. The Cash Option Discount has been applied to reflect an
estimate of the cost it would take Shareholders electing for the In Specie
Option to realise the underlying portfolio quickly, including transfer or
registration taxes and custody costs.

 

The tender price for the In Specie Option will be equal to the NAV per Share
as at the Calculation Date (adjusted to take account of any Costs already
incurred or accrued in the NAV at that time) less (i) the proportionate Costs
allocated to each Share successfully tendered for the In Specie Option; and
(ii) the proportionate allocation of any stamp duty, stamp duty reserve tax
and transfer or registration taxes (whether UK or non-UK)), as applicable, on
the value (as at the Calculation Date) of the securities to be transferred
pursuant to the In Specie Option which the Company is required to pay as
transferor.

 

A Shareholder electing for the In Specie Option will also bear any stamp duty,
stamp duty reserve tax and transfer or registration taxes, as appropriate, in
relation to any assets transferred to them and which they are required to pay
as transferee.

 

Pursuant to the Standstill Agreement (as defined below), Saba has agreed to
elect to tender its Shares in full for the In Specie Option.

Future investment management arrangements

Following the completion of the Tender Offer, it is intended that Herald will
appoint Aberdeen as its AIFM, pursuant to a new or novated investment
management agreement, on terms substantially consistent with existing
arrangements (which include provision for Aberdeen to provide company
secretarial and administration services). It is also intended that, in the
event the Company's current investment management agreement with HIML is
terminated and replaced with a new agreement with Aberdeen (rather than being
novated), HIML will agree to waive any compensation that would otherwise be
payable in lieu of notice for such termination.

A number of HIML employees who are currently involved in the day-to-day
management and administration of the Company are expected to transfer to
Aberdeen as part of a transfer of HIML's business and undertaking to Aberdeen.
This group includes Katie Potts, who will remain as the Company's investment
manager, and a number of her current investment management team. There will be
no changes to the Company's investment mandate, benchmarks or management fee
rates.

Following a minimum initial period of 18 months, the investment management
agreement with Aberdeen shall be terminable by either party by serving six
months' notice. Aberdeen intends to use the initial six months of management
fee income received from Herald to make market purchases of Shares.

The Herald Worldwide Technology Fund, an open-ended fund currently managed by
HIML, also intends (subject to regulatory permissions), to change its AIFM to
Aberdeen.

Appointment of Aberdeen

The Board believes that the appointment of Aberdeen will bring Shareholders
significant benefits. The costs of running Herald's strategy, coupled with a
greater requirement for marketing to attract new Shareholders, mean that it is
increasingly challenging to run a smaller fund such as the continuing Herald
cost-effectively. Following the Tender Offer, the Company's fixed costs will
necessarily be spread across a smaller cost base.

With the appointment of Aberdeen, Shareholders are expected to benefit from
the significant economies of scale and resources available through Aberdeen,
whilst also being able to retain the investment expertise of Katie Potts and a
number of her current team at HIML.

The Board believes that the following benefits are particularly significant:

·      Scale and experience: Aberdeen is the fifth largest manager of
listed closed end funds in the world with a very long-standing focus on
investment companies, which are the origins of Aberdeen's investment business.
This scale is expected to offer numerous operational synergies and benefits to
Herald. Aberdeen has a huge amount of experience in managing investment trusts
and is well placed to support Herald on a path to growth.

·      Investment resources: Aberdeen has highly complementary equity
investment resources, in particular Aberdeen's highly-rated Asian Smaller
Companies investment team, which specialises in a region of growing importance
for Herald.

·      Dedicated marketing and sales team: Aberdeen has a specialist and
dedicated investment trust sales team as well as offering award winning
marketing and PR support.

·      Strong alignment: Aberdeen has committed to use the initial six
months of management fee income received from Herald to make market purchases
of Shares, aligning Aberdeen with Shareholders.

·      Enhanced direct-to-retail marketing opportunity: ability to
market at scale through interactive investor. interactive investor ('ii'), an
Aberdeen group company, is one of the UK's largest (and fastest growing)
direct-to-consumer investment platforms, with around £15 billion invested
through the platform in UK investment trusts.

Agreement with Saba

On 7 May 2026, Saba entered into a three-year irrevocable undertaking and
standstill agreement with Aberdeen and Herald (the "Standstill
Agreement").((4))

Pursuant to the Standstill Agreement, Saba has committed to vote in favour of
the Tender Offer at the General Meeting and elect to tender its shareholding
in full for the In Specie Option. In addition, Saba has agreed to give a
number of undertakings to the Company that apply for the duration of the
Standstill Agreement, including as set out below:

·      Saba will not put forward any proposals to Shareholders or
requisition any resolution or general meeting of the Company;

·      Saba will not seek to change the composition of the Board;

·      Saba will not seek to control or influence the Board or Company
or the policies or management of the Company;

·      Saba will not vote against the recommendation of the Board on any
resolution put to a general meeting of the Company's shareholders (including
at the Company's forthcoming 2026 annual general meeting (the "2026 AGM"));
and

·      Saba will not engage, directly or indirectly, in any short
selling of the Shares.

Provided (unless otherwise agreed between the parties) the current expected
timetable for the publication of the Circular is met and the Proposals are
implemented by no later than 30 September 2026, the Standstill Agreement will
remain in place until conclusion of the Company's annual general meeting to be
held in 2029 (or, if earlier, the date on which Aberdeen ceases to be
appointed as the Company's AIFM). The Standstill Agreement does not restrict
or prohibit Saba's ability to vote in favour of or accept any takeover offer
for the Company, nor does it restrict Saba's ability to deal in Shares (other
than in any short selling) following the Tender Offer.

Expected timetable

It is currently expected that the Circular and notice of the General Meeting
will be published towards the end of May, with the Tender Offer launched at
the same time. The Board expects to hold the General Meeting to approve the
Tender Offer, together with the 2026 AGM, towards the end of June. If the
Tender Offer is approved, and becomes unconditional in all respects, it is
expected to complete in July.

Implementation of the Tender Offer remains conditional on, among other things,
the agreement of definitive documentation between Aberdeen, HIML and the
Company in respect of the change of investment management arrangements (and
such documentation having become unconditional in all respects, save for
certain procedural requirements).

Subject to necessary approvals and finalisation of transitional arrangements,
the change of investment management arrangements is expected to take effect at
the start of August.

Andrew Joy, Chairman of Herald Investment Trust plc, commented:

"I am delighted that agreement has been reached for Herald Investment Trust to
continue with its successful investment mandate, and end the impasse between
different groups of its shareholders. This will be welcomed by our long-term
investors, who look forward to the chance of continuing to enjoy strong
returns. At the same time, Herald is offering a tender which will facilitate
shareholders who do not wish to remain invested for the long term, to reduce
their holdings at close to the NAV per share. Saba has agreed to elect for a
full exit, and to sign a standstill agreement. Herald's management contract is
being transferred to Aberdeen who are very pleased to be welcoming Katie Potts
and members of Herald's investment team. This will deliver continuity of
investment manager, of investment approach and of mandate within the Aberdeen
business which will in turn contribute significant resources to support
Herald's continued success. Through these proposals, Herald can continue as a
leading investor in small cap tech and communication stocks globally, which
represent a large and underserved investment opportunity."

"In all the circumstances, this is good news for shareholders, whether
continuing or exiting, for the City of London and for tech companies,
including portfolio companies here in the UK."

 

Christian Pittard, Managing Director of Corporate Finance and Head of
Investment Trusts, Aberdeen Investments, commented:

"As smaller companies specialists with a proud heritage in investment trusts,
I am pleased these arrangements seek to preserve the future of one of
Britain's best known investment trusts and allows the HIML team to keep doing
what they do best. We would like to thank the Board for their confidence in
proposing to appoint Aberdeen as manager of one of the jewels in the
investment trust sector's crown."

 

Katie Potts, Founder of Herald said:

"Herald has delivered a clear and successful investment strategy since 1994,
and this disciplined approach will remain unchanged with Aberdeen, who I look
forward to joining."

"Our focus remains firmly on the technology and communications sectors, which
continue to benefit from exceptional innovation and strong long-term growth
prospects. HIML is pleased to report that the share price and NAV per share of
HIML's investment trust and fund are at record levels."

"Looking ahead, we will benefit from Aberdeen's enhanced marketing reach and
will endeavour to continue to deliver above average returns for shareholders."

 

Enquiries:

 Herald Investment Trust plc                                via Camarco
 Andrew Joy (Chairman)

 Camarco (Media enquiries)                                  +44 (0)20 3757 4980
 Billy Clegg / Ben Woodford / Elfie Kent                    Herald@camarco.co.uk (mailto:Herald@camarco.co.uk)

 J.P. Morgan Cazenove (Financial Adviser)                   +44 (0)20 3493 8000
 William Simmonds / Rupert Budge

 Singer Capital Markets (Corporate Broker)                  +44 (0)20 7496 3000
 Alan Geeves / Sam Greatrex / William Gumpel (Sales)

 James Maxwell (Investment Banking)

 NSM Funds (UK) Limited (Company Secretary)                 HIT@nsm.group (mailto:HIT@nsm.group)
 Brian Smith / Shilla Pindoria

 Herald Investment Management Limited (via Hudson Sandler)
 Michael Sandler                                            +44 (0)20 7796 4133

 

Notes

((1)      ) abrdn Fund Managers Limited is the legal entity, with
Aberdeen Investments being the client facing brand.

((2)      ) As at the Record Date (excluding any Shares held in
treasury).

((3)      ) Excludes any Herald shares held by investment companies from
time to time registered under the U.S. Investment Company Act of 1940, as
amended which are managed by Saba Capital Management, L.P. or any of its
affiliates.

((4)      ) Until conclusion of the Company's annual general meeting to
be held in 2029 (provided that Aberdeen Investments((1)) has been appointed as
the Company's AIFM prior to 30 September 2026 and, following such appointment,
continues as AIFM for the duration of this period).

((5)      ) Calculated to 5 May 2026. The past performance of the
Company should not be used as a guide to its future performance.

((6)      ) Based on the Company's portfolio as at 30 April 2026.

 

Important information

The person responsible for arranging for the release of this announcement on
behalf of the Company is NSM Funds (UK) Limited, the company secretary.

The Company's LEI number is 213800U7G1ROCTJYRR70.

NOTICE TO U.S. SHAREHOLDERS

The Tender Offer relates to securities of a non-U.S. company listed on
the London Stock Exchange and is subject to the disclosure requirements,
rules and practices applicable to companies listed in the United Kingdom,
which differ from those of the United States in certain material respects. A
circular will be prepared in accordance with UK style and practice for the
purpose of complying with the laws of England and Wales and the rules of
the FCA and of the London Stock Exchange. The Tender Offer is not subject to
the disclosure or other procedural requirements of Regulation 14D under
the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Tender Offer would be made in the United States pursuant to Section
14(e) of, and Regulation 14E under, the Exchange Act, subject to the
exemptions provided by Rule 14d-1(d) thereunder, and otherwise in accordance
with the requirements of the rules of the FCA and the London Stock Exchange.
Accordingly, the Tender Offer would be subject to disclosure and other
procedural requirements that are different from those applicable
under U.S. domestic tender offer procedures and law. The Company is not
listed on an American securities exchange, is not subject to the periodic
reporting requirements of the Exchange Act and is not required to, and does
not, file any reports with the SEC thereunder.

It may be difficult for U.S. shareholders to enforce certain rights and
claims arising in connection with the Tender Offer under U.S. federal
securities laws, because the Company is located outside the United States,
and its officers and directors reside outside the United States. It may not
be possible to sue a non-U.S. company or its officers or directors in a
non-U.S. court for violations of U.S. securities laws. It also might not be
possible to compel a non-U.S. company or its affiliates to subject themselves
to a U.S. court's judgment.

To the extent permitted by applicable law and in accordance with
normal UK practice, the Company, J.P. Morgan Securities plc (which
conducts on its UK investment banking activities as J.P. Morgan Cazenove)
("J.P. Morgan Cazenove"), Singer Capital Markets Securities Limited ("Singer
Capital Markets") or any of their respective affiliates may make certain
purchases of, or arrangements to purchase, shares of the Company outside the
United States, other than pursuant to the Tender Offer, before or during the
period in which the Tender Offer remains open for acceptance, including sales
and purchases of shares effected by J.P. Morgan Cazenove and/or Singer
Capital Markets acting as market maker in the shares.

 

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