UIL Limited commences an Equity Buyback Plan for 12,880,000 shares, representing 14.99% of its issued share capital, under the authorization approved on December 8, 2020.
December 17, 2020 at 05:00 am
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UIL Limited (LSE:UTL) commences share repurchases on December 17, 2020, under the program mandated by the shareholders in the Annual General Meeting held on December 8, 2020. As per the mandate, the company is authorized to repurchase up to 12,880,000 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share on the trading venue. The shares purchased will be cancelled immediately upon completion of the purchase or held, sold, transferred or otherwise dealt with as treasury shares. The authority shall expire at the conclusion of the next Annual General Meeting of the company. As of October 27, 2020, the company had 85,939,314 ordinary shares in issue.
UIL Limited is an investment company. Its investment objective is to maximize shareholder returns by identifying and investing in investments worldwide where the underlying value is not fully recognized. It aims to maximize value for shareholders through a relatively concentrated portfolio of investments including separate closed-end investment companies which have been or established to focus on investments in dedicated market sectors. It invests in shares, bonds, convertibles, and other types of securities, including non-investment grade bonds and to invest in unlisted securities. It also invests in other investment companies or vehicles, including any managed by the Investment Managers, where such investment would be complementary to Companyâs investment objective and policy. It invests in various sectors, including financial services, infrastructure, technology, resources, and gold mining. ICM Investment Management Limited and ICM Limited are the investment managers of the Company.
UIL Limited commences an Equity Buyback Plan for 12,880,000 shares, representing 14.99% of its issued share capital, under the authorization approved on December 8, 2020.