Time Scheduled Buy-Back Programme

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                                                 [phone]

Qatar Investment Fund plc

Ian Dungate/Suzanne Jones                                 [phone]

Galileo Fund Services

Richard Gray/Andrew Potts                                  [phone]

Panmure Gordon

William Clutterbuck/Robbie Hynes                        [phone]

Maitland

-ENDS-

 

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