Blue Capital Global Reinsurance Fnd Share Repurchase Announcement (2235G)
May 25 2017 - 4:25AM
UK Regulatory
TIDMBCGR
RNS Number : 2235G
Blue Capital Global Reinsurance Fnd
25 May 2017
Blue Capital Global Reinsurance Fund Limited (the "Company")
(Ticker: "BCGR")
25 May 2017
SHARE BUY-BACK ENGAGEMENT
The Board is pleased to announce that it has engaged Stifel
Nicolaus Europe Limited ("Stifel") to effect buy backs of ordinary
shares ("Shares") on behalf of the Company (the "Engagement"). Any
repurchases pursuant to the Engagement will be accretive to NAV per
Share.
Under the Engagement, Stifel may effect on-market purchases of
the Shares from time to time at its absolute discretion (and during
any Closed Period will do so independently of, and without
influence by, the Company) provided that the maximum price payable
for a Share on the specialist fund segment of the Main Market of
the London Stock Exchange is an amount equal to the higher of:
(a) an amount equal to 105 per cent. of the average closing
price for a Share of the relevant class on the London Stock
Exchange for the five Business Days immediately preceding the day
on which the Shares are purchased; and
(b) the higher of (A) the price of the last independent trade;
and (B) the highest current independent bid, for a Share of the
relevant class on the London Stock Exchange at the time the
purchase is carried out, as stipulated by Article 3(2) of
Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the
"Buy-Back and Stabilisation Regulation").
Share buy-backs under the Engagement will be conducted in
accordance with the authority granted to the Company at its annual
general meeting held on 9 May 2017, but the Board advises
shareholders there can be no certainty that the Company will
acquire any Shares under this Engagement. The Engagement will
commence with effect from today and will, unless extended or
terminated earlier, end on 30 November 2017.
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 Trading Venue (and could exceed the 25%
limit of the average daily trading volume limits as referred to in
Article 3(3) of the Buy-Back and Stabilisation Regulation).
The Company 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. Shares bought back under the
Engagement may be cancelled or held in treasury.
Enquiries:
For investor enquiries please contact:
Blue Capital Management Ltd.
Michael J. McGuire +1 441 278 0400
Email: investorrelations@Sompo-Intl.com
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Tunga Chigovanyika
This information is provided by RNS
The company news service from the London Stock Exchange
END
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