Statement re Discount, Issuance and Buyback Policy

RNS Number : 1952O

Mid Wynd Inter Inv Trust PLC

08 October 2012

 



MID WYND INTERNATIONAL INVESTMENT TRUST PLC

At the Annual General Meeting held on 8 October 2012 the Chairman made the following statement:

Discount, Issuance and Buybacks Policy

In February 2012 the Company confirmed its intention to be active in both issuing shares at a premium when there is demand and buying back shares at a discount when natural supply exceeds demand.  Establishing a discount/premium management policy allows for both issuance and buybacks to take place as a matter of routine and is intended to improve liquidity in the Company's shares.

As a further measure to help improve liquidity, the Board will in future aim to limit the discount of the share price to the net asset value (NAV) per share to a maximum of 2% in normal circumstances (using a cum-income NAV with debt priced at fair value). This will be done using the Company's authority to buy back its own shares, subject to obtaining shareholder approval for this authority in future periods, as required.

Any buy-back of ordinary shares will be made subject to the Companies Act 2006 and subject to Chapter 12 of the UK Listing Rules.  The execution and timing of any buy-backs and the issuance of shares will be at the absolute discretion of the Board and as such the discount or premium to NAV per share may at times exceed 2% on individual days due to market conditions governing the supply of and demand for shares.

The Directors are authorised to cancel any Ordinary shares purchased under this authority or to hold them in Treasury for subsequent reissue at a premium.

Baillie Gifford & Co.

Company Secretaries

8 October 2012

 

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