30 July
2024
BIOPHARMA
CREDIT PLC
(THE
"COMPANY")
Announcement of Discretionary
Share Buy-Back Programme
BioPharma Credit PLC is pleased to
announce that it has launched a discretionary buy-back programme
(the "Buy-Back Programme").
The Company currently has authority
to repurchase a maximum of 185,505,277 of its Ordinary Shares
(being the outstanding shareholder authority). Such authority lasts
until the next shareholder authority granted, or where expressly
revoked by shareholders. The Buy-Back Programme will be funded from
the Company's resources.
Pursuant to the Company's discount
control mechanism ("Discount
Control Mechanism"):
· if, in
any 3 month rolling period, the Shares have, on average, traded at
a discount in excess of 5 per cent. to the Net Asset Value per
Share, the Company will, subject to meeting its target dividend,
use up to US$25,000,000 of the Company's capital proceeds generated
after the conclusion of such 3 month rolling period in any fiscal
year, to repurchase Shares at least until such time as the Shares
trade at an average discount of 5 per cent. or less to the Net
Asset Value per Share over a 2 week rolling period; and
· if, in
any 6 month rolling period, the Shares have, on average, traded at
a discount in excess of 10 per cent. to the Net Asset Value per
Share, the Company will, subject to meeting its target dividend,
use up to US$50,000,000 of the Company's capital proceeds generated
after the conclusion of such 6 month rolling period in any fiscal
year, to repurchase Shares at least until such time as the Shares
trade at an average discount of 5 per cent. or less to the Net
Asset Value per Share over a 2 week rolling period.
The Company has appointed J.P.
Morgan Securities plc ("JPMorgan") to act as its broker in
respect of the Buy-Back Programme. Pursuant to the terms agreed
between the Company and JPMorgan:
· Between the date of this Announcement and 31 December 2024,
JPMorgan will have the authority to buy back Shares of the Company
at its discretion up to a maximum repurchase value
US$50,000,000 less the repurchase value of
any Shares repurchased between 27 March 2024 and the date hereof.
As of the date hereof, the Company has repurchased Shares equating
to a total value of US$30,344,125 since 27 March 2024.
· Between 1 January 2025 and 31 December 2025, JPMorgan will
have the authority to buy back shares of the Company at its
discretion up to a maximum repurchase value determined in accordance with the Discount Control Mechanism
reduced by such amount as the Company orders, instructs or
communicates to JPMorgan to purchase during that period. This
authority is intended to be renewed annually by mutual
agreement.
· The
Company has given JPMorgan an irrevocable standing instruction to
buy back shares on a discretionary basis, subject to the price and
volume restrictions agreed as part of the Buy-Back Programme. The
Company will also refrain from attempting to exercise any influence
over how, when or whether JPMorgan effects purchases of Shares of
the Company.
· Provided that the Company is not in possession of any inside
information or other material non-public information with respect
to the Company or its shares which is required to be disclosed in
accordance with the Market Abuse Rules which has not been so
disclosed:
o the
Company may vary the price and volume parameters for the Buy-Back
Programme; and/or
o the
Company may give orders, instructions or communications to JPMorgan
to purchase Shares on behalf of the Company outside the parameters
of the standing instructions which forms the basis of the Buy-Back
Programme.
This arrangement is in accordance
with Chapter 9 of the Listing Rules and the Company's general
authority to repurchase Shares.
Enquiries
Buchanan
David Rydell / Mark Court / Jamie
Hooper / Henry Wilson
+44 (0) 20 7466 5000
biopharmacredit@buchanan.uk.com
Notes
to Editors
BioPharma Credit PLC is London's only
specialist debt investor to the life sciences industry and joined
the LSE in March 2017. The Company seeks to provide long-term
shareholder returns, principally in the form of sustainable income
distributions from exposure to the life sciences industry. The
Company seeks to achieve this objective primarily through
investments in debt assets secured by royalties or other cash flows
derived from the sales of approved life sciences
products.