LONDON - Martin Currie Global Portfolio Trust plc has announced the approval of a share buyback program following a General Meeting held today. Shareholders passed a special resolution allowing the company to repurchase up to 9,167,459 of its Ordinary shares, representing approximately 14.99% of the company's issued share capital, excluding treasury shares.
The authorized buyback program sets the minimum purchase price for each Ordinary share at 5 pence, excluding expenses, and the maximum price at no more than 5% above the average mid-market quotations for the five business days preceding the purchase. Alternatively, the maximum price may not exceed the higher of the last independent trade and the highest current independent bid on the London Stock Exchange (LON:LSEG).
This authority is set to expire 15 months from the resolution's passing date or at the conclusion of the company's 2025 Annual General Meeting, whichever comes first, unless renewed, varied, or revoked before that time. The company also retains the flexibility to enter into contracts to purchase shares before the expiration of this authority, with the ability to complete those purchases afterwards as if the authority had not expired.
The resolution received significant shareholder support, with 92.15% of votes cast in favor, 7.85% against, and a small number withheld.
The announcement underscores the trust's proactive approach to capital management. It is important to note that the information provided is based on a press release statement and the decision is restricted from publication, release, or distribution in certain jurisdictions, including the United States of America, member states of the European Economic Area, Canada, Australia, Japan, and the Republic of South Africa.
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