Appointment of Corporate Broker/Buy-back Programme

RNS Number : 2459B

British Empire Trust PLC

03 April 2017

 

BRITISH EMPIRE TRUST PLC (the "Company")

Appointment of Corporate Broker and Share Buy-back Programme

The Board of British Empire Trust plc is pleased to announce the appointment of Jefferies Hoare Govett, a division of Jefferies International Limited ("Jefferies"), as the Company's corporate broker and financial adviser with immediate effect. 

The Company also announces the appointment of Jefferies to manage its ongoing share buyback programme (the "Programme") in accordance with the Directors' discount management strategy.

Share Purchases will only be made through the market at prices below the prevailing NAV per Share under the guidelines established from time to time by the Board and in accordance with the authority conferred by the Company's Shareholders at the Annual General Meeting on 20 December 2016. 

The maximum price per Share for any Share Purchase may not exceed the higher of (i) 105% of the average of the official closing middle market quotations for the five business days before the day on which the purchase is made (as derived from the Daily Official List of the London Stock Exchange plc (the "LSE")); and (ii) that stipulated by Article 3(2) of Commission Delegated Regulation (EU) 2016/1052 ("Buy-back and Stabilisation Regulation").

A buy-back of Shares pursuant to the Programme on any trading day may represent a significant proportion of the daily trading volume in the Shares on the Main Market of the LSE (and could exceed the 25% limit of the average daily trading volume of the preceding 20 business days as referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back programmes).

Shares repurchased by the Company may be cancelled or held in treasury. The Directors do not currently intend to sell shares from treasury other than at or above the prevailing NAV per Share.

 

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