Share Buyback Programme

RNS Number : 5976O

Gresham House Strategic PLC

18 May 2018

 

18 May 2018

GRESHAM HOUSE STRATEGIC PLC

Share Buyback Programme

Gresham House Strategic Plc ("GHS" or the "Company") announces that further to the announcement of 15 May 2018, the Company has now entered into non-discretionary instructions with finnCap Ltd ("finnCap") to enable the Company to buy back ordinary shares of 50 pence each in the capital of the Company ("Ordinary Shares") for an aggregate maximum consideration of up to £1.0 million (the "Buyback Programme"). The agreement will commence on 21 May 2018 and is expected to end no later than 18 June 2018.

The Company has entered into non-discretionary instructions with finnCap to conduct the Buyback Programme on its behalf and to make trading decisions under the Buyback Programme independently of the Company.

The purpose of the share buyback is to reduce the Company's share capital, with the result of increasing the Company's net asset value per Ordinary Share. It is intended that any shares repurchased will be immediately cancelled. The maximum price paid per Ordinary Share is to be the lower of either (i) no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of any share buyback and an amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share, as derived from the trading venue where the purchase is carried out, or (ii) 1,000 pence per Ordinary Share. 

The Buyback Programme will be within the terms of the general authority to make market purchases granted to the Company by its shareholders at the 2017 Annual General Meeting held on 5 July 2017. During the course of the Buyback Programme, the Company will make further notifications to the market as and when share purchases are made.

Due to the limited liquidity in the issued Ordinary Shares, a buyback of Ordinary Shares pursuant to the Authority on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and is likely to exceed 25 per cent. of the average daily trading volume, being the limit laid down in Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will not benefit from the exemption contained in this Article.

Gresham House plc ("Gresham House"), the parent company of the Company's Investment Manager Gresham House Asset Management Ltd, and members of the Gresham House investment  team, the Gresham House Strategic Public Equity Investment Committee and the Board of the Company have all undertaken not to dispose of any Ordinary Shares through the share buyback programme.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries
Gresham House Strategic plc	David Potter		[phone]
Gresham House plc/Gresham House Asset Management Limited (Investment Manager)	Graham Bird		[phone]
finnCap (Nominated Adviser & Broker)	Matt Goode/William Marle		[phone]

 

END

 

 

POSSFAFFAFASEFI