Gresham House Energy Storage Fund PLC
Share Buyback Programme
Further to the announcement on 1 February 2024, the Board of Directors of GRID today announces the commencement of a Share Buyback Programme. The Company will review the Share Buyback Programme on an ongoing basis in the context of its capital allocation decisions, as well as the discount to NAV at which the shares are trading at any given time.
The Company has engaged Jefferies International Limited (Jefferies) as buy-back agent in relation to the Share Buyback Programme on a discretionary basis within certain pre-set parameters. The maximum price payable per share (exclusive of expenses) will not exceed the higher of: (1) 105 per cent. of the average market value of the Company’s Shares for the five business days immediately preceding the day on which such Share is contracted to be purchased; or (2) the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange.
Share buybacks under the Share Buyback Programme will be made pursuant to the authority granted to the Company at its general meeting held on 30 May 2023 which limits purchases of shares by the Company in the market to up to 14.99% of the Company’s then issued share capital.
The Company will announce any market repurchase of Shares on the business day following the calendar day on which the repurchase occurred. The Company intends that the repurchased shares will be held in Treasury.
The Company is satisfied that it is not currently in a closed period, nor is it party to any inside information which has not previously been disclosed via Regulatory Information Service.
The Company shall not (i) exercise any influence over how, when or whether Jefferies effects share buybacks or (ii) change the number of shares, price or timing of the purchases.
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