LONDON - The Biotech Growth Trust PLC (the "Company") is seeking shareholder approval to renew the authority for the company to buy back its own ordinary shares, the board of directors announced Monday. The proposed renewal follows the company's utilization of a significant portion of its previously approved buyback capacity.
At the Annual General Meeting on July 18, 2024, shareholders authorized the company to repurchase up to 14.99% of its issued share capital. Since that time, the company has bought back 10.9% of its shares, nearing the limit of its current authority. The board believes that the remaining buyback capacity could be exhausted soon if the current rate of share repurchases continues.
The company aims to maintain its policy of active discount management, which involves buying back shares to manage the difference between the share price and the underlying net asset value. To continue this policy effectively, the board is proposing to renew the buyback authority to the same extent as before.
A general meeting is scheduled to be held at 25 Southampton Buildings, London, at 9:00 a.m. on February 27, 2025, to decide on the renewal of the buyback authority. Any authority granted will expire at the conclusion of the company's 2025 Annual General Meeting.
Shareholders must submit their forms of proxy by 9:00 a.m. on February 25, 2025, to participate in the decision-making process. The circular detailing the proposal has been submitted to the National Storage Mechanism and is available for inspection. It will also be accessible on the company's website.
The information in this article is based on a press release statement.
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