RIT Capital Partners plc commences an Equity Buyback Plan for 23,511,525 shares, representing 14.99% of its issued share capital, under the authorization approved on May 26, 2020.
October 28, 2020
Share
RIT Capital Partners plc (LSE:RCP) commences share repurchases on October 29, 2020 under the program mandated by the shareholders in the Annual General Meeting held on May 26, 2020. As per the mandate, the company is authorized to repurchase up to 23,511,525 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 5% 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 shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company in 2021, or at close of business on June 30, 2021, whichever is earlier. As of April 16, 2020, the company had 156,848,065 ordinary shares in issue and no shares were held in treasury.
RIT Capital Partners plc is United Kingdom-based investment trust. The Company's objective is to deliver long-term capital growth, while preserving shareholders capital to invest without the constraints of a formal benchmark, but to deliver for shareholders increases in capital value in excess of the relevant indices over time. Its investment policy is to invest in a diversified, international portfolio across a range of asset classes, both quoted and unquoted. The Company invests in a number of asset categories, including quoted equity, private investments, absolute return and credit, real assets, government bonds and rates, and currency. The investment manager of the Company is J. Rothschild Capital Management Limited.
RIT Capital Partners plc commences an Equity Buyback Plan for 23,511,525 shares, representing 14.99% of its issued share capital, under the authorization approved on May 26, 2020.