Rights and Issues Investment Trust PLC: Discount Management Policy

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Rights and Issues Investment Trust PLC (RIII) 
Rights and Issues Investment Trust PLC: Discount Management Policy 
 
02-Apr-2019 / 16:58 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Rights and Issues Investment Trust P.L.C. 
 
Discount Management Policy 
 
 Rights and Issues Investment Trust P.L.C. (the "Company") announces that it 
        has renewed an agreement (the "Buy-Back Agreement") with its broker, 
  Stockdale Securities Limited ("Stockdale"), to repurchase Income shares of 
    25p each ("Shares") on its behalf and within certain pre-set parameters, 
   until the date of announcement by the Company of its results for the year 
     ending 31 December 2019, expected to be in February 2020 (the "Buy-Back 
                                                                   Period"). 
 
The Directors of the Company confirm that they are satisfied that all inside 
   information known to the Directors and the Company up to the date of this 
        notice has been notified to a Regulated Information Service ("RIS"). 
   Accordingly, the Company is not prohibited from granting the authority to 
                                     Stockdale under the Buy-Back Agreement. 
 
The Buy-Back Agreement provides that purchases of Shares during the Buy-Back 
           Period shall be subject to the following overriding restrictions: 
 
   (i) the maximum number of Shares acquired shall not, in aggregate, exceed 
           the authorities granted at the Company's annual general meetings; 
 
   (ii) the maximum value of Shares acquired shall not, in aggregate, exceed 
     GBP1.0 million per calendar month (and pro rata for part months where the 
 denominator shall be the number of days in the relevant month), although if 
 the value of Shares acquired in any month (or part month) is lower than the 
    maximum value for that month such excess shall be carried forward to the 
 following month and increase the maximum value for the following month, and 
   so on for subsequent months. For the avoidance of doubt there shall be no 
  limit to the number of times an excess and the amount of total excess that 
                                                     can be carried forward; 
 
 (iii) the maximum price paid per Share shall be no more than the higher of: 
(a) 105% of the average middle market closing prices of the Shares for the 5 
 dealing days preceding the date of such purchase; and (b) the higher of the 
      last independent trade and the highest current independent bid for the 
                                    Shares when the purchase is carried out; 
 
        (iv) the price paid per Share shall not be more than 92 per cent. of 
   Stockdale's estimate of the net asset value of the Company at the time of 
                                                          each purchase; and 
 
 (v) no Purchases are to be made on any dealing day when the Company appears 
    on the Disclosure Table published by the Panel on Takeovers and Mergers. 
 
The Buy-Back Agreement also provides that the Company shall not (i) exercise 
     any influence over how, when or whether Stockdale effects the purchases 
    contemplated by the Buy-Back Agreement or (ii) alter or deviate from the 
   Buy-Back Agreement or change the number of Shares, price or timing of the 
      purchases. The Buy-Back Agreement may only be terminated by Stockdale. 
 
                                                                  Enquiries: 
 
                                    Robert Finlay/Rose Ramsden 020 7601 6115 
 
                                                Stockdale Securities Limited 
 
                                                   George Bayer 01245 398950 
 
                                    Maitland Administration Services Limited 
 
ISIN:           GB0007392078 
Category Code:  MSCH 
TIDM:           RIII 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   8050 
EQS News ID:    795041 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 02, 2019 11:59 ET (15:59 GMT)