Qatar Investment Fund PLC Time Scheduled Buy-Back Programme (6892G)
August 09 2016 - 9:30AM
UK Regulatory
TIDMQIF
RNS Number : 6892G
Qatar Investment Fund PLC
09 August 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
9 August 2016
Qatar Investment Fund plc
("QIF" or the "Company")
Announcement of Time-Scheduled Buy-Back Programme
The Company today announces a time-scheduled buy-back programme
in accordance with Commission Delegated Regulation (EU) 2016/1052
dated 8 March 2016 supplementing Regulation (EU) No 596/2014.
The ordinary share buy-back programme (the "Programme") has the
sole purpose of reducing the issued ordinary share capital of the
Company and as shares will not be acquired above the prevailing net
asset value per share, it is also expected to enhance its Net Asset
Value ("NAV") per share.
The Programme will commence with effect from today and will end,
unless terminated earlier, on 12 November 2016. The Programme will
be conducted in accordance with the authorisation granted to the
Company by shareholders at the Annual General Meeting ("AGM") held
on 12 November 2015 and the Commission Delegated Regulation (EU)
2016/1052 supplementing Regulation (EU) No 596/2014, to buy back up
to 20,720,084 ordinary shares (being the equivalent of 14.99% of
the Company's issued share capital at the date of the AGM notice).
The maximum amount of money allocated to the Programme is
$1,000,000.
Prior to the commencement of the Programme, the Company has
effected share buy-backs under the authority granted by
shareholders at the AGM on 12 November 2015 and has bought back a
total of 1,398,175 ordinary shares.
Pursuant to, and during the term of, the Programme, the Company
may purchase Ordinary Shares provided that:
1) the maximum price payable for an ordinary share on the
Exchange is an amount equal to the higher of:
a. 105 per cent. of the average market value of the Company's
Ordinary Shares as derived from the London Stock Exchange Daily
Official List for the five business days immediately preceding the
day on which such share is contracted to be purchased; and
b. In order to benefit from the exemption laid down in Article
5(1) of Regulation (EU) No 596/2014, the Company will not purchase
shares at a price higher than the higher of the price of the last
independent trade and the highest current independent purchase bid
on the trading venue where the purchase is carried out; and
2) the aggregate number of ordinary shares which may be acquired
on behalf of the Company in connection with the Programme shall not
exceed 19,321,909 ordinary shares.
Due to the limited liquidity in the ordinary shares, a buy-back
of ordinary shares pursuant to the Programme on any trading day is
likely to represent a significant proportion of the daily trading
volume in the ordinary shares on the London Stock Exchange (and is
likely to exceed the 25% limits of the average daily trading volume
as laid down in Article 5(1) of Regulation (EU) No 596/2014 and as
such the Company will not benefit from this exemption).
The average daily volume will be calculated based on the 20
trading days preceding the date of purchase required under Article
3(3) of the Commission Delegated Regulation (EU) 2016/1052 dated 8
March 2016.
The Company will announce any market repurchase of ordinary
shares no later than 7.30 a.m. on the business day following the
calendar day on which the repurchase occurred. To the extent
permitted by law, ordinary shares bought back under the Programme
will be held as treasury shares.
For further information, please contact:
Nicholas Wilson +44 (0) 1624 622 851
Qatar Investment Fund plc
Ian Dungate/Suzanne Jones +44 (0) 1624 692600
Galileo Fund Services
Richard Gray/Andrew Potts +44 (0) 20 7886 2500
Panmure Gordon
William Clutterbuck/Robbie Hynes +44 (0) 20 7379 5151
Maitland
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
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