F&C Investment Trust PLC Share Buyback Authority (1258Y)
May 10 2021 - 10:01AM
UK Regulatory
TIDMFCIT
RNS Number : 1258Y
F&C Investment Trust PLC
10 May 2021
10 May 2021
F&C INVESTMENT TRUST PLC
LEI: 213800W6B18ZHTNG7371
Share Buyback Authority
F&C Investment Trust PLC (the "Company") is restating the
details of its current share buyback authority.
At the annual general meeting held on 10 May 2021 the Company
was granted authority to repurchase up to 80,250,000 of its
ordinary shares or, if less, 14.99% of the number of ordinary
shares in issue (excluding treasury shares) as at that date. The
Company therefore announces that as at 10 May 2021 it has authority
to repurchase up to 79,947,595 of its ordinary shares remaining.
Unless expressly revoked by shareholders, such authority shall
expire at the conclusion of the next annual general of the Company
or on 30 June 2022 (whichever is earlier). The Board expects to
renew this authority annually and it is expected that similar
announcements will be made at the time of each renewal.
Any buyback may be funded from the Company's own cash resources
or, if appropriate, from short term borrowings. The maximum price
payable per share (exclusive of expenses) must not exceed the
higher of: (i) 105% of the average middle market quotations for the
five business days preceding the date of purchase; and (ii) the
higher of the last independent bid and the highest current
independent bid on the London Stock Exchange. Shares repurchased
will either be held in treasury or cancelled.
The Company instructs J.P. Morgan Securities plc to act as its
broker in respect of its buy-back transactions. Any buybacks will
be undertaken in accordance with the Company's discount control
policy. This arrangement is in accordance with Chapter 12 of the
UKLA Listing Rules and the Company's general authority to
repurchase shares.
Name of contact and telephone number for enquiries:
Hugh Potter
For and on behalf of BMO Investment Business Limited,
Secretary
Telephone: 020 7628 8000
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END
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