Downing Strategic Micro-Cap Investment Trust PLC commences an Equity Buyback Plan for 8,164,603 shares, representing 14.99% of its issued share capital, under the authorization approved on July 1, 2020.
October 05, 2020 at 12:00 am EDT
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Downing Strategic Micro-Cap Investment Trust PLC (LSE:DSM) commences share repurchases on October 5, 2020, under the program mandated by the shareholders in the Annual General Meeting held on July 1, 2020. As per the mandate, the company is authorized to repurchase up to 8,164,603 shares, representing 14.99% of the issued share capital. The minimum price that may be paid for each ordinary share is 0.001 pence and the maximum price that may be paid for each share shall be the higher of an amount equal to 5% above the average of the market values of the ordinary shares for the five business days immediately preceding the date of purchase as derived from the Daily Official List of the London Stock Exchange and the higher of the price quoted for either the last independent trade of or the highest current independent bid for any number of ordinary shares on the trading venue where the purchase is carried out. The repurchased shares will be sold, transferred, held in treasury otherwise will be cancelled. The repurchase is valid till next Annual General Meeting of the company to be held in 2021.
Downing Strategic Micro-Cap Investment Trust plc is a United Kingdom-based investment company. The Company's investment objective is to generate capital growth for shareholders over the long term from active involvement in a focused portfolio of United Kingdom micro-cap companies (those whose market capitalizations are under £150 million at the time of investment) targeting a compound return of 15% per annum over the long term. The Company's portfolio of investments typically comprises between 12 and 18 holdings. It typically seeks to hold between 3% and 25% of the equity of these investee companies, notwithstanding the ability to use debt instruments alongside equity. Typically, investments are appraised over a three to seven-year investment horizon. It invests in various sectors, including consumer discretionary, industrials, cash, support services, electrical equipment, financial services and telecommunications. The Company's investment manager is Downing LLP.
Downing Strategic Micro-Cap Investment Trust PLC commences an Equity Buyback Plan for 8,164,603 shares, representing 14.99% of its issued share capital, under the authorization approved on July 1, 2020.