RE: 3 years......31 Dec 2024 10:41
Finishing 2024 on high note possibly the AGM votes on removing concert party restriction.
"The Company is seeking from Independent Shareholders the approval of a new Waiver Resolution that does not include a 49.9 per cent. cap on the Concert Party's maximum interest in Ordinary Shares. This would allow optionality for the Company to make additional market purchases of Ordinary Shares when the Board believes it is in the best interests of the Company to do so.
The Concert Party has confirmed that it remains fully supportive of the Company's management and has no intention to make any changes to the future business or the strategic direction of the Company. If this proposal is approved by a majority of Independent Shareholders, it is not expected to affect the running of the Company, its inclusion in the FTSE 250 index or remove any rights of an Ordinary Shareholder. The Board and the management team would remain focused on the same objective of delivering long-term, compounding returns for all Ordinary Shareholders.
Alongside the Waiver Resolution, the Board is seeking authorisation from Ordinary Shareholders for the Company to purchase up to a maximum of 2,681,322 ordinary shares of 5p each, or such other number of ordinary shares as may represent a total nominal value of £134,066, which represents approximately 5 per cent. of the issued Ordinary Shares as at the Latest Practicable Date. The Authority to Make Market Purchases will only be utilised if the Board believes that purchases of Ordinary Shares will be in the best interests of Caledonia and Ordinary Shareholders as a whole and will result in an increase in Net Asset Value per Ordinary Share. In considering whether to exercise the Authority to Make Market Purchases, the Board will take into account both the longer-term investment opportunities available to Caledonia and any discount at which the Ordinary Shares are trading in the market relative to the NAV per Ordinary Share."