3rd Oct 2014 07:10
LONDON (Alliance News) - Capital Gearing Trust PLC Friday outlined plans for a share buyback programme after entering into an arrangement with JP Morgan Securities PLC.
The investing company said the arrangement with JP Morgan will see the broker purchase the shares on the company's behalf during a close period until the announcement of its full year results. It didn't state the total number of shares it intends to buy back.
JP Morgan will arrange for purchases of the shares should they be available at a discount of 1-1.25% of net asset value, Capital Gearing said.
The share purchased are to be transferred into treasury rather than cancelled. The shares will have no dividend paid on them and will have no voting rights.
Capital Gearing shares were untraded on Friday morning, quoted at 3,285 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Capital Gearing Trust