Capital Gearing Trust P.l.c.
Publication of Circular and General Meeting
Since its approval at the annual general meeting in 2015, the
Company has successfully operated a discount and premium control
policy (the “DCP”). This has kept the Company’s share price
close to the prevailing net asset value and has allowed the Company
to issue new ordinary shares of 25
pence each (“Ordinary Shares”) to meet demand from
existing and new investors in the Company and to buy back Ordinary
Shares for re-issuance from treasury where the circumstances have
required it.
The recent issuance levels mean that the Company’s existing
authorities to issue shares on a non pre-emptive basis, granted at
the annual general meeting held on 6 July
2021, are likely to be exhausted prior to being refreshed at
the next annual general meeting which is expected to be held in
July 2022. As a result, in order to
continue to operate the DCP and to meet the continuing demand for
the Ordinary Shares, the Board is seeking the early renewal of its
shareholder authorities to issue Ordinary Shares on a non
pre-emptive basis.
Accordingly, the Company has today published a circular
convening a general meeting to be held at 11.00 a.m. on 4 November
2021 at the offices of Juniper Partners Limited, 28 Walker
Street, Edinburgh EH3 7HR (the
"General Meeting"). At the General Meeting, resolutions will
be proposed to give the Board authority to issue up to 3,476,880
Ordinary Shares (being 20 per cent. of the Company’s current issued
share capital) on a non pre-emptive basis.
A copy of the circular will shortly be available for inspection
on the Company’s website at www.capitalgearingtrust.co.uk and on
the National Storage Mechanism which is located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
All enquiries:
Juniper Partners Limited
Company Secretary
Tel: 0131 378 0500
Email: company.secretary@capitalgearingtrust.com