Regular Tender Offers

RNS Number : 3607N

Pacific Horizon Investment Tst PLC

06 September 2013

 

PACIFIC HORIZON INVESTMENT TRUST PLC

Regular Tender Offers

At the AGM on 29 October 2013 shareholders will be given the opportunity to vote on whether the Company should put in place a bi-annual tender mechanism.

The tender offers would be considered by the Board if the Company's share price trades at an average daily discount of more than 9.0% relative to net asset value (NAV) over the six month periods to 31 January and 31 July. Each tender offer would be for 5% of the Company's shares in issue at the six month period end and the tender price would be at a 2% discount to NAV after costs. The discounts would be calculated by reference to the fair value cum income NAV. It is proposed that the first such tender would be considered in respect of the six month period to 31 January 2014. Shares tendered in excess of the 5% limit will be fulfilled on a pro-rata basis to the extent that other shareholders tender less than their entitlement.

A separate circular and tender form would be sent to shareholders in relation to the relevant tender offer which sets out the full terms and conditions of the tender offer and the procedure for tendering shares.

The Chairman reported that:

"The Board does not believe that the continuous buying back of shares in the market achieves the same benefits for shareholders as a bi-annual tender: it therefore proposes to give shareholders the opportunity to realise shares at a fair and reasonable price on a regular basis should they wish to do so."

Baillie Gifford & Co

Company Secretaries

6 September 2013

For further information please contact:

Anzelm Cydzik,

Baillie Gifford & Co                                                                              0131 275 2000

 

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