India Capital Growth Fund Limited Share buy-back programme (9493R)
01 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMIGC
RNS Number : 9493R
India Capital Growth Fund Limited
01 November 2023
1 November 2023
India Capital Growth Limited
LEI: 213800TPOS9AM7INH846
Share buy-back programme
This announcement contains inside information
India Capital Growth Limited ("the Company") announces that it
will commence a programme to conduct market purchases of ordinary
shares of 1 pence each in the Company ("shares") up to a maximum
aggregate purchase price of GBP5,000,000 (the "Programme").
The Company has entered into an agreement ("the buy-back
agreement") with its broker, Shore Capital Stockbrokers Ltd ("Shore
"), in relation to the Programme whereby Shore will make the
trading decisions concerning the timing of the market purchases of
shares independently of and uninfluenced by the Company, with such
trading decisions being in accordance with the terms of the
Programme. Purchases may continue during any periods during the
term of the Programme when the Company itself would be prohibited
from dealing by the UK version of the Market Abuse Regulation
596/2014/EU (which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018) ("UK MAR").
The Company confirms that it currently has no unpublished inside
information.
Under the Programme, Shore Capital will repurchase shares within
the parameters set out below from the date of this announcement
until close of business on 29(th) December 2023 (the "buy-back
period"). The Company reserves the right to terminate the programme
if at any time it deems this to be appropriate and would make an
announcement in advance of so doing.
The buy-back agreement provides that purchases of shares during
the buy-back period shall be subject to the following
parameters:
i. the minimum price (exclusive of any expenses) at which any
share may be purchased shall be its nominal value of 1 pence;
ii. 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 five dealing days preceding the date of such
purchase; and (b) the last independent trade and the highest
current independent bid for the shares at the time that the
purchase is carried out;
iii. the price paid per share shall not be more than 97% of
Shore Capital's estimate of the net asset value per share on the
day of each purchase; and
iv. the maximum number of shares acquired shall not, in
aggregate, exceed 14,417,696 under the general authority granted by
the Company's shareholders at the annual general meeting on 27 June
2023.
Any market purchase of shares pursuant to the Programme on any
dealing day could represent a significant proportion of the daily
trading volume in the shares on the main market of the London Stock
Exchange and could exceed 25 per cent. of the average daily trading
volume. Shares acquired as a result of the Programme will be held
by the Company in treasury and will not have any voting rights.
Details of all purchases made pursuant to the Programme will be
announced via RNS and published on the Company's website.
The person responsible for making this announcement on behalf of
the Company is Matt Lihou, Company Secretary.
ENQUIRIES
Matt Lihou
Apex Fund and Corporate Services (Guernsey) Limited
+44 20 3530 3687
matt.lihou@apexgroup.com
indiacapitalbox@apexgroup.com
About India Capital Growth Fund
India Capital Growth Fund Limited the LSE premium listed
investment company registered and incorporated in Guernsey, was
established to take advantage of long-term investment opportunities
in companies based in India. ICGF predominantly invests in listed
mid and small cap companies, although investments may also be made
in large cap and private Indian companies where the Fund Manager
believes long-term capital appreciation will be achieved.
www.indiacapitalgrowth.com
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