(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Monday announced a share buyback as it believes that the current share price does not reflect the value of its portfolio.
SDCL is an investment company focused on assets in the energy efficiency sector, such as electric vehicle charging infrastructure and geothermal and biogas projects.
The company said it allocated up to GBP20 million from its cash reserves for the buyback programme, but noted that there is no guarantee that any buybacks will be conducted or that it will spend the full amount.
SDCL said it plans to buy shares for a 5% premium to the average market value of the five business days preceding the purchase. Alternatively, it would repurchase shares at the same price as the highest current independent trade or bid. It will pick whichever option is higher.
SDCL Energy Efficiency Income Trust shares rose 1.8% to 85.51 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Sdcl Energy Ef. (SEIT)