REG - Monks Inv.Trust - Notice of GM to renew authority to buy back Shares

Monks Investment TrustAnnouncement

29/05/2026 07:00

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RNS Number : 1222G  Monks Investment Trust PLC  29 May 2026

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN,
INTO OR FROM THE UNITED STATES OF AMERICA , AUSTRALIA, CANADA, JAPAN, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EEA OR ANY
OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

29 May 2026

The Monks Investment Trust PLC

(the "Company" or "Monks")

 

Publication of Circular and Notice of General Meeting

to renew the Company's authority to buy back Shares

 

The Board of Monks announces that the Company has today published a circular
(the "Circular"), which contains a notice of a general meeting of the Company
at which the Board will seek Shareholder approval to renew the Company's Share
buyback authority. The general meeting will be held at 9.00 a.m. on 23 June
2026 at 3 St. Helen's Place, London EC3A 6AB (the "General Meeting").

The Board maintains an active approach to both Share issuance and Share
buybacks with the objective of enhancing long term Shareholder value while
managing the balance between supply and demand for the Company's Shares and
the discount/premium at which the Shares trade. In normal market conditions,
the Board aims to restrict any discount to net asset value ("NAV") at which
the Shares trade, to mid-single digits. Since January 2022, the Company has
undertaken regular Share buybacks while the Shares have been trading at a
discount to the NAV per Share, repurchasing 96,602,930 Shares in the period
from 10 January 2022 to 26 May 2026.

At the 2025 AGM, Shareholders granted the Company the authority to buy back up
to 26,217,332 Shares (the "Existing Authority"). In the period from the 2025
AGM to 26 May 2026, the Company bought back 18,330,289 Shares into treasury,
representing approximately 69.9 per cent. of the Existing Authority. The
accretive benefit to the Company's NAV (as at close of business on 26 May
2026) as a result of these buybacks is estimated to be approximately 0.39 per
cent. of NAV, net of expenses. As at close of business on 26 May 2026, the
Company's remaining buyback authority permitted the repurchase of up to a
further 7,887,043 Shares (representing approximately 5.0 per cent. of the
Company's issued Share capital (excluding Shares held in treasury)).

If recent levels of buyback activity continue, the Board expects that the
Existing Authority may be fully utilised ahead of the 2026 AGM and considers
it prudent to avoid any interruption to its ability to implement its discount
management policy. As a result, in order to provide the Company with
sufficient authority to continue to operate its Share buyback programme, the
Board is seeking Shareholder approval for the early renewal of its authority
to repurchase Shares.

The ability to repurchase Shares on an ad hoc basis is a necessary element of
the Board's discount management toolkit and, therefore, the Board believes
that renewal of the Company's buyback authority is in the best interests of
the Company and its Shareholders as a whole.

A copy of the Circular will be submitted to the National Storage Mechanism and
will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . The Circular and
the Notice of the General Meeting will also be available on the Company's
website at
www.bailliegifford.com/en/uk/individual-investors/funds/monks-investment-trust
(http://www.bailliegifford.com/en/uk/individual-investors/funds/monks-investment-trust)
.

Unless the context requires otherwise, all defined terms used in this
announcement will have the same meaning as described in the Circular.

 

 For further information please contact:
 The Monks Investment Trust PLC                                             Contact via Company Secretary

 Randeep Grewal

 Investec Bank plc (Corporate Broker to Monks)                              +44 (0) 20 7597 4000

 David Yovichic

 Helen Goldsmith

 Baillie Gifford & Co Limited (Alternative Investment Fund Manager and      +44 (0) 131 275 2000
 Company Secretary)

 Naomi Cherry

 

Notes

Legal Entity Identifier: 213800MRI1JTUKG5AF64

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