Liberum has been authorised to effect on-market purchases of Ordinary Shares on behalf of Marwyn Value Investors LP on the Specialist Fund Segment of the Main Market of the London Stock Exchange. The Scheme is due to commence in October 2018 and will continue until further notice.
The Scheme will be conducted in accordance with the amended Ordinary Share Distribution Policy and the authority received from shareholders at the Company's Annual General Meeting held on 26 June 2018.
The Company has agreed with Liberum that Ordinary Shares in the Company may not be repurchased under the Scheme for a price per share that exceeds the prevailing NAV per Ordinary Share.
Pursuant to, and during the term of the Scheme, Liberum may, in accordance with certain pre-agreed parameters, independently of and without influence by the Company, effect purchases of Ordinary Shares from time to time in its absolute discretion. Liberum have been instructed to purchase enough shares such that the Company can make distributions pursuant to the Minimum Annual Distribution.
The Company will announce any market repurchases of Ordinary Shares on the business day following the calendar day on which the repurchase occurred. All shares purchased as part of the Scheme will ultimately be cancelled.
The previously communicated dividend, previously expected to be paid in October 2018 under the Ordinary Share Distribution Policy, will now not be paid, with the fourth quarter of 2018 return to ordinary shareholders to be effected by way of repurchases to the extent possible under the Scheme. Should the repurchases under the Scheme not be sufficient to satisfy the quarterly allocation of the Minimum Annual Distribution, the balance will be paid as a dividend.
The Directors will review the effectiveness of the Scheme on an ongoing basis.
Capitalised terms used and not otherwise defined herein shall bear the same meaning as in the Company circular dated 14 August 2018.