Fidelity Emerging Markets Ltd - Share buy-back engagement
13 Novembre 2023 - 8:00AM
PR Newswire (US)
Fidelity Emerging Markets Limited (the
'Company')
Legal Entity Identifier: 213800HWWQPUJ4K1GS84
Share
buy-back engagement
The Board of Directors (the "Board")
of Fidelity Emerging Markets Limited (the "Company")
(ticker: FEML) is pleased to announce that it has engaged both
Jefferies International Limited and JP Morgan Cazenove as buy-back
agents to effect market purchase of shares of behalf of the Company
(the "Engagements").
Pursuant to and during the term of the Engagements, the Company's
buy-back agents may independently of, and without influence by, the
Company, effect on-market purchases of Participating Preference
Shares of no par value (the "Shares")
from time to time at its absolute discretion provided that the
maximum price payable for a Share on the Main Market of the London
Stock Exchange plc (the "Exchange")
is an amount equal to the higher of:
-
105 per
cent. of the average market value of the Company's Shares as
derived from the London Stock Exchange Daily Official List for the
five business days immediately preceding the day on which such
Share is contracted to be purchased; or
-
the higher
of the price of the last independent trade and the highest current
bid stipulated by Article 3(2) of the Commission Delegated
Regulation (EU/2016/1052).
Share buy-backs under the Engagements will be made pursuant to the
authority granted to the Company at its general meeting held on
8 December 2022, but the Board
advises shareholders there can be no certainty that the Company
will acquire any shares under these Engagements. The Engagements
will commence with effect from today and will, unless extended or
terminated earlier, continue until the next annual general meeting
of the Company to be held on 7 December
2023, where the Company is seeking a new authority from
shareholders to buy back Shares.
A buy-back of Shares pursuant to the Engagement on any trading day
may represent a significant proportion of the daily trading volume
in the Shares on the Exchange (and could exceed the 25% limit of
the average daily trading volume of the preceding 20 business days
as referred to in the Commission Delegated Regulation (EU) No.
2016/1052 on buy-back programmes).
Fidelity Emerging Markets Limited will announce any market
repurchase of Shares no later than 7.30
a.m. on the business day following the calendar day on which
the repurchase occurred. To the extent permitted by law, Shares
bought back under the Engagements can either be held in treasury or
cancelled.
For
further information, please contact:
Nira
Mistry, Company Secretary
+44
(0)7778 354 517
|
|
Rupert
Budge
J.P.
Morgan Cazenove
+44 207
134 7837
|
|
Gaudi Le
Roux
Jefferies
International Limited
+44 (0)20
7548 4060
|
|
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