Share Repurchase Programme

Rights and Issues Inv. Trust PLC

27 March 2026

 

Rights and Issues Investment Trust plc ('the Company')

LEI:       2138002AWAM93Z6BP574

12 month Share Repurchase Programme in accordance with Discount Management Policy

Following the passing of the Special resolution authorising the Company to buy back shares at the Annual General Meeting held on 26 March 2026, Rights and Issues Investment Trust plc announces that the share repurchase programme which lapsed at the conclusion of the Annual General Meeting in 2025 has been reinstated with immediate effect for a period of 12 months to 26 March 2027. Cavendish Capital Markets Limited ("Cavendish") has been authorised to repurchase ordinary shares of 25p each ("Shares") on its behalf and within certain pre-set parameters between 27 March 2026 and 26 March 2027 (the "Buyback Period").

The Directors of the Company confirm that they are satisfied that all inside information known to the Directors and the Company up to the date of this notice has been notified to a Regulated Information Service ("RIS"). Accordingly, the Company is not prohibited from granting this authority to Cavendish under the Corporate Broking Agreement.

Purchases of Shares during the Buy-Back Period shall be subject to the following overriding restrictions:

(i)            the maximum number of Shares acquired shall not, in aggregate, exceed the authorities granted at the Company's annual general meeting in 2026.

(ii)           the maximum value of Shares acquired during the Buy-Back Period shall not exceed, in aggregate, £12.0 million. The maximum value of Shares acquired during each calendar month of the Buyback Period shall not, in aggregate, exceed £1.0 million (and pro rata for part months). However, to the extent that the value of Shares acquired in any month (or part month) is lower than the maximum value for that month, such excess capacity shall be carried forward to the following month and increase the maximum value for the following month accordingly, and so on for subsequent months. For the avoidance of doubt, there shall be no limit to the number of times an excess can be carried forward, or the total amount of such excess;

(iii)          the maximum price paid per Share shall be no more than the highest of: (i) 105% of the average middle market closing prices of the Shares for the 5 dealing days preceding the date of such purchase; (ii) the last independent trade price; and (iii) the highest current independent bid for the Shares when the purchase is carried out;

(iv)         the price paid per Share shall not be more than 95 per cent. of Cavendish's estimate of the net asset value per Share of the Company at the time of each purchase; and

(v)          no purchases are to be made on any dealing day when the Company appears on the Disclosure Table published by the Panel on Takeovers and Mergers.

The Company shall not (i) exercise any influence over how, when or whether Cavendish effects share repurchases or (ii) change the number of Shares, price or timing of the purchases.   

Enquiries:

Cavendish Capital Markets Limited
Andrew Worne / Tunga Chigovanyika - Corporate Finance	[phone]
Pauline Tribe - Sales	[phone]
Apex Fund Administration Services (UK) Limited
[e-mail]	[phone]

 

END