Crown Place VCT PLC commences an Equity Buyback Plan for 32,983,527 shares, representing 14.99% of its issued share capital, under the authorization approved on November 26, 2020.
December 15, 2020 at 12:00 am EST
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Crown Place VCT PLC (LSE:CRWN) commences share repurchases on December 15, 2020, under the program mandated by the shareholders in the Annual General Meeting held on November 26, 2020. As per the mandate, the company is authorized to repurchase up to 32,983,527 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for an ordinary share is £0.01 per share. The maximum price that may be paid for each ordinary share is an amount equal to the higher of 105% of the average of the middle market quotations as derived from the London Stock Exchange Daily Official List, for a share over the 5 business days immediately preceding the day on which the ordinary share is purchased. The repurchased shares will be either cancelled or held in treasury. The plan will be valid up to the conclusion of the next Annual General Meeting of the company or 15 months from the date of the passing of this resolution, whichever is earlier, unless previously revoked or varied by the company. As of September 23, 2020, the company had 220,036,874 shares in issue and 23,061,630 shares in treasury.
Crown Place VCT PLC is a United Kingdom-based venture capital trust. The investment objective of the Company is to achieve long term capital and income growth principally through investment in smaller unquoted companies in the United Kingdom. The Company invests in a broad portfolio of smaller, unquoted growth businesses across a variety of sectors including higher risk technology companies. Investments take the form of equity or a mixture of equity and loans. The Company invests in various sectors, including fintech, software and other technology, other (including education), and healthcare (including digital healthcare). Albion Capital Group LLP is the alternative investment fund manager (AIFM) of the Company.
Crown Place VCT PLC commences an Equity Buyback Plan for 32,983,527 shares, representing 14.99% of its issued share capital, under the authorization approved on November 26, 2020.