Utilico Emerging Markets Limited commences an Equity Buyback Plan for 33,068,000 shares, representing 14.99% of its issued share capital, under the authorization approved on September 21, 2021.
September 21, 2021 at 05:00 am
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Utilico Emerging Markets Limited (LSE:UEM) commences share repurchases on September 21, 2021, under the program mandated by the shareholders in the Annual General Meeting held on September 21, 2021. As per the mandate, the company is authorized to repurchase up to 33,068,000 own shares, representing 14.99% of the issued ordinary share capital. The minimum price which may be paid for an ordinary shares is £0.01 and the
maximum price which may be paid for an ordinary share is the lower of the amount determined by the rules of the UK Listing Authority at the time of purchase (which currently set a maximum equal to 5% above the average of the market value for an ordinary share taken from the Official List of the UK Listing Authority for the five business days immediately preceding the date of purchase, the price of the last independent trade, and the highest current bid on the trading venue where the purchase is carried out) and the net asset value per Ordinary Share on the date determined by the Directors, being not more than 10 days before the date of purchase. Any ordinary shares purchased by the company will be held in treasury or cancelled. The authority to purchase ordinary shares conferred hereby shall expire at the company's Annual General Meeting in 2022.
Utilico Emerging Markets Trust plc is a United Kingdom-based investment company. The Companyâs investment objective is to provide long term total return through a flexible investment policy that permits investment predominantly in infrastructure, utility and related sectors, mainly in emerging markets (EM). The Companyâs investment policy is flexible, and its investments include water, sewerage, waste, electricity, gas, telecommunications, ports, airports, service companies, rail, roads, any business with essential service or monopolistic characteristics and infrastructure or utilities. It may also invest in businesses, which supply services to, or otherwise support, the infrastructure, utility and related sectors. It has the flexibility to invest in shares, bonds, convertibles and other types of securities, including non-investment grade bonds and to invest in unlisted securities. ICM Investment Management Limited is the Alternative Investment Fund Manager of the Company.
Utilico Emerging Markets Limited commences an Equity Buyback Plan for 33,068,000 shares, representing 14.99% of its issued share capital, under the authorization approved on September 21, 2021.