REG-Rights and Issues Investment Trust PLC Rights and Issues Investment Trust PLC: Share Buyback Programme Extension

Rights and Issues Investment TrustAnnouncement

01/08/2023 14:45

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   Rights and Issues Investment Trust PLC (RIII)
   Rights and Issues Investment Trust PLC: Share Buyback Programme Extension

   01-Aug-2023 / 14:41 GMT/BST

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   Rights and Issues Investment Trust plc

   LEI:       2138002AWAM93Z6BP574

   12 month Share Repurchase Programme in accordance with Discount Management
   Policy

   Rights and Issues Investment Trust plc (the “Company”) announces that  the
   share repurchase programme announced on 9  August 2021 and extended to  31
   July 2023 has  been extended  for a  further 12  months to  31 July  2024.
   finnCap has  been authorised  to repurchase  ordinary shares  of 25p  each
   (“Shares”) on its behalf and  within certain pre-set parameters between  1
   August 2023 and 31 July 2024 (the “Buy-Back Period”).

   The Directors of  the Company  confirm that  they are  satisfied that  all
   inside information known to the Directors  and the Company up to the  date
   of this  notice  has been  notified  to a  Regulated  Information  Service
   (“RIS”). Accordingly, the  Company is  not prohibited  from granting  this
   authority to finnCap under the Corporate Broking Agreement.

   Purchases of Shares  during the Buy-Back  Period shall be  subject to  the
   following overriding restrictions:

   i. the maximum number of Shares  acquired shall not, in aggregate,  exceed
      the authorities granted at the Company’s annual general meeting in 2023
      and anticipated to be sought from shareholders at the Company’s  annual
      general meeting  in  2024.  In  the  event  that  shareholders  do  not
      authorise the Directors to purchase shares in 2024 the share repurchase
      programme shall terminate immediately;
   ii. the maximum value of Shares acquired during the Buy-Back Period  shall
       not, in aggregate,  exceed £1.0  million per calendar  month (and  pro
       rata for part months). However, to the extent that the value of Shares
       acquired in any month (or part month) is lower than the maximum  value
       for that month, such excess capacity  shall be carried forward to  the
       following month and increase the maximum value for the following month
       accordingly, and so  on for  subsequent months. For  the avoidance  of
       doubt, there shall be no limit to the number of times an excess can be
       carried forward, or the total amount of such excess;
   iii. the maximum price paid  per Share shall be  no more than the  highest
        of: (i)  105% of  the average  middle market  closing prices  of  the
        Shares for the 5  dealing days preceding the  date of such  purchase;
        (ii) the last independent trade price; and (iii) the highest  current
        independent bid for the Shares when the purchase is carried out;
   iv. the price  paid per  Share shall  not be  more than  95 per  cent.  of
       finnCap’s estimate of the net asset value per Share of the Company  at
       the time of each purchase; and
   v. no purchases are to be made on any dealing day when the Company appears
      on the  Disclosure  Table  published  by the  Panel  on  Takeovers  and
      Mergers.

   The Company shall not (i) exercise any influence over how, when or whether
   finnCap effects share  repurchases or  (ii) change the  number of  Shares,
   price or timing of the purchases.  

   Enquiries:

   finnCap Limited 

   William Marle / George Dollemore – Corporate Finance  +44 (0) 20 7220 0500

   Mark Whitfeld / Pauline Tribe – Sales  +44 (0) 20 7220 0500

    

   Apex Fund Administration Services (UK) Limited

    1 cosec@maitlandgroup.com  +44 (0) 1245 398950

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB0007392078
   Category Code: MSCM
   TIDM:          RIII
   LEI Code:      2138002AWAM93Z6BP574
   Sequence No.:  261669
   EQS News ID:   1693373


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:cosec@maitlandgroup.com


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