Share Buyback Authority

Global Smaller Cos. Trust PLC (The)

28 July 2023

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

THE GLOBAL SMALLER COMPANIES TRUST PLC

(the 'Company')

Share Buyback Authority

LEI: 2138008RRULYQP8VP386

The Company is restating the details of its current share buyback authority.

At the Annual General Meeting of the Company held today the Company was granted authority to repurchase up to 77,946,388 of its ordinary shares. The Company announces that as at 28 July 2023 it has authority to repurchase up to 77,946,388 of its ordinary shares remaining. Unless expressly revoked by shareholders, such authority shall expire at the conclusion of the next annual general meeting of the Company or on 27 October 2024 (whichever is earlier). The Board expects to renew this authority annually and it is expected that similar announcements will be made at the time of each renewal.

Any buyback may be funded from the Company's own cash resources or, if appropriate, from short term borrowings. The maximum price payable per share (exclusive of expenses) must not exceed the higher of: (i) 105% of the average middle market quotations for the five business days preceding the date of purchase; and (ii) the higher of the last independent bid and the highest current independent bid on the London Stock Exchange. Shares repurchased will either be held in treasury or cancelled.

The Company instructs Stifel Nicolaus Europe Limited to act as its broker in respect of its buyback transactions. Any buybacks will be undertaken in accordance with the Company's discount control policy. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

28 July 2023

Name of contact and telephone number for enquiries:

Jonathan Latter

For and on behalf of Columbia Threadneedle Investment Business Limited,

Company Secretary

Telephone: [phone]

 

END