Capital Gearing Trust Plc - Update on Share Premium Account Cancellation
22 Janvier 2024 - 4:25PM
PR Newswire (US)
LEI: 213800T2PJTPVF1UGW53
From: Capital
Gearing Trust P.l.c.
Date: 22
January 2024
Update
on Share Premium Account Cancellation
As first
announced on 31 October 2023, the
discount control policy ("DCP")
operated by Capital Gearing Trust P.l.c. (the "Company"),
which aims to ensure, in normal market conditions, that the
ordinary shares trade consistently close to their net asset value
per share, has been constrained because of the Company's limited
distributable reserves available to effect share
buybacks.
The High
Court of Justice in Northern
Ireland (the "Court")
has today approved the cancellation of the amount of £1.1
billion standing
to the credit of the Company's share premium account and the
crediting of an equivalent amount to the Company's distributable
reserves.
The Order
of the Court approving the cancellation (the "Order")
will only become effective once it has been registered with the
Registrar of Companies in Northern
Ireland. The Order is in the process of being submitted for
filing with the Registrar of Companies and is expected to be
registered shortly.
The Board
will make a further announcement to the market in due course to
confirm the date on which the current operational restrictions on
share buybacks under the DCP will be lifted.
All
enquiries:
Juniper
Partners Limited
Company
Secretary
Tel: 0131
378 0500
Email:
company.secretary@capitalgearingtrust.com
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