Rights and
Issues Investment Trust plc
LEI:
2138002AWAM93Z6BP574
12 month Share
Repurchase Programme in accordance with Discount Management
Policy
Rights and Issues Investment Trust plc (the
"Company") announces that
the share repurchase programme announced on 9 August 2021 and
extended to 31 July 2024 has been extended for a further 12 months
to 31 July 2025. Cavendish Capital Markets Limited ("Cavendish") has been authorised to
repurchase ordinary shares of 25p each ("Shares") on its behalf and within
certain pre-set parameters between 1 August 2024 and 31 July 2025 (the "Buy-Back
Period").
The Directors of the Company confirm
that they are satisfied that all inside information known to the
Directors and the Company up to the date of this notice has been
notified to a Regulated Information Service ("RIS"). Accordingly, the Company is not
prohibited from granting this authority to Cavendish under the
Corporate Broking Agreement.
Purchases of Shares during the Buy-Back Period
shall be subject to the following overriding
restrictions:
(i)
the maximum number of Shares acquired shall not, in aggregate,
exceed the authorities granted at the Company's annual general
meeting in 2024 and anticipated to be sought from shareholders at
the Company's annual general meeting in 2025. In the event that
shareholders do not authorise the Directors to purchase shares in
2025 the share repurchase programme shall terminate
immediately;
(ii)
the maximum value of Shares acquired during the Buy-Back Period
shall not exceed, in aggregate, £12.0 million. The maximum value of
Shares acquired during each calendar month for the first five
months of the Buy-Back Period shall not, in aggregate, exceed £1.5
million (and pro rata for part months). At the Board's discretion
the maximum value of Shares acquired during each of October,
November and December 2024 may be increased to £2.0 million per
calendar month. However, to the extent that the value of Shares
acquired in any month (or part month) is lower than the maximum
value for that month, such excess capacity shall be carried forward
to the following month and increase the maximum value for the
following month accordingly, and so on for subsequent months. For
the avoidance of doubt, there shall be no limit to the number of
times an excess can be carried forward, or the total amount of such
excess;
(iii)
the maximum price paid per Share shall be no
more than the highest of: (i) 105% of the average middle market
closing prices of the Shares for the 5 dealing days preceding the
date of such purchase; (ii) the last independent trade price; and
(iii) the highest current independent bid for the Shares when the
purchase is carried out;
(iv) the
price paid per Share shall not be more than 95 per cent. of
Cavendish's estimate of the net asset value per Share of the
Company at the time of each purchase; and
(v) no
purchases are to be made on any dealing day when the Company
appears on the Disclosure Table published by the Panel on Takeovers
and Mergers.
The Company shall not (i) exercise any
influence over how, when or whether Cavendish effects share
repurchases or (ii) change the number of Shares, price or timing of
the purchases.
Enquiries:
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Cavendish Capital Markets Limited
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Andrew Worne / Tunga Chigovanyika -
Corporate Finance
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+44 (0) 207 908
6000
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Pauline Tribe -
Sales
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+44 (0) 207 908
6000
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Apex Fund Administration Services (UK)
Limited
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cosec-uk@apexgroup.com
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+44 (0) 1245 398950
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