(Alliance News) - Schroders Capital Global Innovation Trust PLC on Friday said it will begin a share buyback programme running until the end of 2024 for up to 14.99% of issued share capital.
The London-based investment trust focused on a diversified portfolio of global private and public equity companies also said it received court approval of the cancellation of the share premium account and that it has "sufficient distributable reserves" to conduct a buyback of shares.
Schroders Capital Global said the share repurchases would be conducted in accordance with the buyback policy set out in its 2022 annual results, specifically its outlined general authority to buy back up to 14.99% of issued share capital, as approved at its 2023 annual general meeting.
Similar authority will also be sought at its 2024 AGM, Schroders Capital Global said.
It has appointed Winterflood Investment Trusts to manage the buyback programme, beginning on Friday and running until December 31, 2024.
Shares in Schroders Capital Global were up 3.1% to 13.30 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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Schroders Cap (INOV)