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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Smithson Investment Trust Plc | LSE:SSON | London | Ordinary Share | GB00BGJWTR88 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
14.00 | 1.01% | 1,394.00 | 1,388.00 | 1,390.00 | 1,390.00 | 1,370.00 | 1,370.00 | 609,068 | 16:35:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 322.72M | 293.32M | 1.8691 | 7.44 | 2.18B |
TIDMSSON
RNS Number : 2632N
Smithson Investment Trust PLC
19 January 2023
19 January 2023
LEI: 52990070BDK2OKX5TH79
Smithson Investment Trust plc
(the "Company")
Publication of Notice of a General Meeting
The Company announces that it has today posted a circular to Shareholders (the "Circular"). The Circular contains a notice of a general meeting (the "General Meeting") of the Company to be held at 11.00 a.m. on 6 February 2023.
The General Meeting has been called to seek shareholder approval for a special resolution to reduce the Company's share premium account in order to provide greater scope to undertake share buybacks in the future.
Early last year, the Company's share price moved to a discount to net asset value per share, and in response the Company began making purchases of its ordinary shares in the market. During the period from 29 April 2022 to 16 January 2023, the Company has purchased in aggregate 6 million ordinary shares at a cost, before dealing charges, of GBP77.6 million.
As a matter of law, the Company is only permitted to fund purchases of its own shares out of its distributable reserves or the proceeds of a fresh issue of shares; and while the ordinary shares are trading on the London Stock Exchange at a price less than the latest published net asset value per share, the Company is not able to issue new shares.
As at 31 December 2022, the Company's distributable reserves available to fund share buybacks were approximately GBP200 million. The Board believes it prudent to create further distributable reserves to ensure that the Board can continue to undertake share buybacks when they feel they are appropriate. The share buybacks which the Company has undertaken have been accretive to the Company's net asset value per share, and the board of directors of the Company believes it important that there should be no technical impediment to their continued use.
The Circular may be obtained, free of charge, from the registered office of the Company or be downloaded from www.smithson.co.uk.
Martin Darragh
For and on behalf of
Apex Listed Companies Services (UK) Limited
Secretaries to Smithson Investment Trust plc
Tel: 0203 327 9720
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END
NOGBLMPTMTABMJJ
(END) Dow Jones Newswires
January 19, 2023 03:58 ET (08:58 GMT)
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