Capital Gearing Trust p.l.c (LSE:CGT) commences share repurchases on February 21, 2023, under the program mandated by the shareholders in the Annual General Meeting held on July 12, 2022. As per the mandate, the company is authorized to repurchase up to 3,375,023 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is 25 pence and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.
The authority shall expire at the conclusion of the next Annual General Meeting of the company. As of May 26, 2022, the company had 22,515,170 ordinary shares in issue.