Update on Share Premium Account Cancellation

LEI:       213800T2PJTPVF1UGW53

From: Capital Gearing Trust P.l.c. 

Date: 22 January 2024

Update on Share Premium Account Cancellation

As first announced on 31 October 2023, the discount control policy ("DCP") operated by Capital Gearing Trust P.l.c. (the "Company"), which aims to ensure, in normal market conditions, that the ordinary shares trade consistently close to their net asset value per share, has been constrained because of the Company's limited distributable reserves available to effect share buybacks.

The High Court of Justice in Northern Ireland (the "Court") has today approved the cancellation of the amount of £1.1 billion standing to the credit of the Company's share premium account and the crediting of an equivalent amount to the Company's distributable reserves.

The Order of the Court approving the cancellation (the "Order") will only become effective once it has been registered with the Registrar of Companies in Northern Ireland. The Order is in the process of being submitted for filing with the Registrar of Companies and is expected to be registered shortly.

The Board will make a further announcement to the market in due course to confirm the date on which the current operational restrictions on share buybacks under the DCP will be lifted.

All enquiries:

Juniper Partners Limited

Company Secretary

Tel: [phone]

Email: [e-mail]

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