There is likely to be an illiquid market and, in such circumstances, B Shareholders may find it difficult to sell their Shares in the market. In order to try to improve the liquidity in the B Shares, the Company operates a share buyback policy. The Company may repurchase B Shares which Shareholders wish to sell, at a discount of no more than 5% to net asset value per B Shares, less transaction costs payable to market makers and stockbrokers. Any purchase of B Shares will be subject to authority from Shareholders, the UK Listing Rules, having the necessary cash resources and distributable reserves available for the purchase and the Board believing it to be in the best interests of the Company at the relevant time.
B Shares bought back by the Company may be cancelled or held in treasury for later sale in the market. B Shares which have not been held for five years before disposal will no longer qualify for income tax relief and, therefore, any upfront income tax reliefs obtained on subscription will be subject to clawback by HMRC. Shareholders should seek professional advice in relation to any disposal of Shares. The Company has an authority to buy back up to 14.99% of the issued B Share capital of the Company. Otherwise, there are no redemption rights in respect of the Company’s shares.
To sell their B Shares in the Company via this method, a B Shareholder will need to engage a stockbroker who will then contact the market maker, Panmure Liberum (UK) Limited, who will arrange to buy the shares back, so long as doing so complies with the buyback policy and both market conditions and liquidity permit.
If the Company is in a closed period, the market maker may add the B Shareholder’s details to a waiting list, pending the publication of the Company’s half yearly or annual results (as appropriate).
Please note that Panmure Liberum cannot take calls from B Shareholders or other members of the public directly and can only deal with a shareholder’s stockbroker.
If your stockbroker wishes to contact someone at Panmure Liberum, they should contact:
Chris Lloyd on 0207 886 2716 (chris.lloyd@panmure.com)
Paul Nolan on 0207 886 2717 (paul.nolan@panmure.com)
Please also note that the Company does not operate a buyback policy for Ordinary Shares.