Smithson Investment Trust PLC Publication of Notice of a General Meeting (2632N)
19 Enero 2023 - 2:58AM
UK Regulatory
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
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January 19, 2023 03:58 ET (08:58 GMT)
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