LONDON STOCK EXCHANGE ANNOUNCEMENT
Capital
Gearing Trust P.l.c.
(the
‘Company’)
Publication
of Circular and Notice of General Meeting
Renewal
of share buy-back authority
25 February 2025
Legal
Entity Identifier: 213800T2PJTPVF1UGW53
The Board
of Directors of the Company (the "Board")
announces that it is today publishing a shareholder circular (the
"Circular"),
which contains a notice of a general meeting (the
"General
Meeting"), at
which the Board is seeking Shareholders' approval to
renew the Company's
buy-back authority in order to support the continued operation of
the Company's discount / premium control policy (the
“DCP”).
The
General Meeting will be held at the
offices of Frostrow Capital LLP, 25 Southampton
Buildings, London WC2A
1AL, at 10.00
a.m. on Wednesday 26 March
2025.
The DCP
aims to purchase or issue Ordinary Shares to ensure, in normal
market conditions, that the Ordinary Shares trade consistently
close to their underlying net asset value ("NAV")
per share.
At the
Company’s 2024 annual general meeting (the "2024
AGM"),
Shareholders granted the Company authority to buy back up to
3,123,857 Ordinary Shares (representing 14.99 per cent. of the
issued share capital of the Company (excluding Treasury shares) as
at the date of the 2024 AGM). Since the 2024 AGM, and as at the
Latest Practicable Date, the Company has bought back 2,403,415
Ordinary Shares for a total consideration of £114.5 million,
utilising a significant portion of this authority.
To avoid a
situation arising whereby the existing buy-back authority is fully
utilised prior to the Company's next annual general meeting,
resulting in the Board being unable to implement its DCP, the Board
believes that it is in the best interests of the Company and its
Shareholders for the buy-back authority to be renewed prior to the
next annual general meeting. Accordingly, the Board has convened
the General Meeting in order to seek the authority of Shareholders
to renew the Company's authority to make market purchases of its
Ordinary Shares.
Timetable
|
|
|
|
Latest
time and date for receipt of forms of proxy
|
10.00 a.m.
on 24 March 2025
|
|
General
Meeting
|
10.00 a.m.
on 26 March 2025
|
A
copy of
the Circular will be submitted to the National Storage Mechanism
and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Circular and the Notice of the General Meeting will also be
made available shortly on the Company's website
at www.capitalgearingtrust.com
Unless
otherwise defined, all definitions used in this announcement have
the same meanings as described in the Circular.
-ENDS-
For
further information please contact:
Frostrow
Capital LLP - Company Secretary
Alison Vincent
0203 709
2481
company.secretary@capitalgearingtrust.com
