abrdn Equity Income Trust plc Share Buyback Authority (7777O)
February 02 2023 - 8:11AM
UK Regulatory
TIDMAEI
RNS Number : 7777O
abrdn Equity Income Trust plc
02 February 2023
ABRDN EQUITY INCOME TRUST PLC
Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74
2 February 2023
Share Buy-back Authority
abrdn Equity Income Trust plc (the "Company") announces that, at
the Company's AGM which took place earlier today, shareholders
voted in favour of the Company's share buyback authority, which the
Company renews annually.
The Company has authority to repurchase a maximum of 7,100,991
of its ordinary shares (being its outstanding shareholder
authority). Such authority lasts until conclusion of the next
annual general meeting ("AGM") of the Company or, if earlier, the
expiry of 15 months from 2 February 2023, being the date of the
last AGM, unless the authority is renewed at any other general
meeting prior to such time (but the Company may make a contract to
purchase shares prior to such expiry which will be executed wholly
or partly after such expiry or a purchase pursuant to any such
contract). The buyback may be funded from the Company's resources
(including cash, portfolio sales and borrowing facilities). The
maximum price that may be paid for a share in accordance with the
authority is the higher of (a) 5% above the average of the
mid-market values of the shares for the 5 business days before the
purchase is made and (b) the higher of the price of the last
independent trade in the shares and the highest then current
independent bid for the shares on the London stock Exchange. No
maximum aggregate consideration payable for all shares purchased
under the authority has been determined by the Company. The Company
is unable to pay a price for any shares pursuant to the buy-back
which would equate to the net asset value or a premium on the net
asset value.
The Company has appointed J.P. Morgan Securities plc to act as
its broker in respect of any buybacks.
The buy-backs will be undertaken pursuant the Company's discount
management policy.
This arrangement is in accordance with Chapter 12 of the FCA
Listing Rules and the Company's general authority to repurchase
shares.
For further information please contact:-
Paul Evitt
abrdn Holdings Limited
Company Secretary
Tel: 0131 372 2200
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