Capital Gearing Trust PLC - Belfast-based investment trust - Announces Tuesday that it is seeking approval from the Northern Irish courts to reclassify its share premium account as distributable reserves. Company has since 2015 operated a discount control policy aiming to keep its share price close to the underlying net asset value. Says reclassification will support the DCP's operation for the forseeable future. The court process may take approximately three months to conclude due to delays caused by administrative and technical issues. Company's available distributable reserves now stand at around GBP23.8 million, and it says it will temporarily limit daily buyback authority until it receives court approval despite those reserves supporting additional buybacks.
Current stock price: 4,420.00 pence, down 2.3% in London on Tuesday
12-month change: down 9.7%
By Emma Curzon, Alliance News reporter
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Capital Gearing Trust (CGT)