Alpha Real Trust Limited Share Buyback Programme (6619M)
January 22 2021 - 11:22AM
UK Regulatory
TIDMARTL
RNS Number : 6619M
Alpha Real Trust Limited
22 January 2021
22 January 2021
LEI: 213800BMY95CP6CYXK69
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE
"COMPANY")
Share Buyback Programme
Alpha Real Trust announces its intention to buy back its
ordinary shares ("Share Repurchases") using its existing cash
resources, pursuant to the general authority given to it at the
Company's Annual General Meeting held on 7 August 2020 to make
Share Repurchases of up to 8,979,021 ordinary shares (representing
a maximum of 14.99 per cent. of the voting share capital of the
Company).
The Share Repurchases have the sole purpose of reducing the
issued ordinary share capital of the Company. As ordinary shares
will not be acquired above the prevailing net asset value per share
as reported on a quarterly basis, it is also expected to enhance
its net asset value per ordinary share.
The programme will commence with effect from today and Share
Repurchases may be undertaken until the earlier of the maximum
amount being repurchased and the annual general meeting of the
Company in 2021. The maximum amount of money allocated for the
programme is GBP8 million.
Pursuant to, and during the term of, the Share Repurchases, the
Company may purchase Ordinary Shares provided that:
1) the maximum price payable for an ordinary share on the Exchange shall not exceed:
a. the price which is 105 per cent. of the average market value
of the Company's ordinary shares as derived from the London Stock
Exchange Daily Official List for the five business days immediately
preceding the day on which such ordinary share is contracted to be
purchased; and
b. the price which is the higher of the price of the last
independent trade and the highest current independent purchase bid
on the trading venue where the purchase is carried out; and
2) the aggregate number of ordinary shares which may be acquired
on behalf of the Company in connection with the Share Repurchases
shall not exceed 8,979,021 ordinary shares.
Due to the limited liquidity in trading of the Company's
ordinary shares, Share Repurchases on any trading day are likely to
represent a significant proportion of the daily trading volume in
the ordinary shares (and are likely to exceed the 25% threshold of
the average daily trading volume in both the month preceding this
announcement and the 20 trading days preceding the date of the
purchase as is set out in the Commission Delegated Regulation (EU)
2016/1052 and, as such, the Company would be deviating from the
safe harbour set out in Article 5(1) of the Market Abuse Regulation
(Regulation 596/2014)).
The Company will make further announcements in due course
following the completion of any Share Repurchases. To the extent
permitted by law, ordinary shares bought back under the Share
Repurchases will be held as treasury shares or cancelled.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to the Company
Atholl Tweedie / Joanna Langley +44 (0) 20 7886 2500
Alpha Real Trust Limited is advised by Alpha Real Capital LLP,
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom.
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