Seraphim Space Investment Trust Plc commences an Equity Buyback Plan for 35,883,800 shares, representing 14.99% of its issued share capital, under the authorization approved on November 17, 2022.
July 25, 2023 at 12:00 am EDT
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Seraphim Space Investment Trust Plc (LSE:SSIT) commences share repurchases on July 25, 2023, under the program mandated by the shareholders in the Annual General Meeting held on November 17, 2022. As per the mandate, the company is authorized to repurchase up to 35,883,800 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the date on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest current independent bid on the trading venues where the purchase is carried out.The repurchases will be funded from company's resources. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority will be valid till the conclusion of next Annual General Meeting or December 31, 2023, if earlier.
J.P. Morgan Securities plc acted as a broker to the company.
Seraphim Space Investment Trust plc is a United Kingdom-based SpaceTech investment company. The Company seeks exposure predominantly to growth stage private financed SpaceTech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security. It intends to realize long-term value through exiting its investments over time. It invests internationally with a view to maintaining a diversified portfolio primarily located in the United States, United Kingdom and Europe. In addition to participating in new issues, it may also undertake secondary transactions that involve the acquisition of existing stakes. The Company's portfolio is expected to comprise 20 to 50 holdings. Its portfolio includes ICEYE, D-Orbit, ALL.SPACE, HawkEye 360, LeoLabs, SatVu, Astroscale, PlanetWatchers, Tomorrow.io and QuadSAT. The Company's investment manager is Seraphim Space Manager LLP.
Seraphim Space Investment Trust Plc commences an Equity Buyback Plan for 35,883,800 shares, representing 14.99% of its issued share capital, under the authorization approved on November 17, 2022.