Schroder Oriental Income Fund Limited commences an Equity Buyback Plan for 40,419,489 shares, representing 14.99% of its issued share capital, under the authorization approved on December 11, 2020.
January 08, 2021 at 10:30 am IST
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Schroder Oriental Income Fund Limited (LSE:SOI) commences share repurchases on January 8, 2021, under the program mandated by the shareholders in the Annual General Meeting held on December 11, 2020. As per the mandate, the company is authorised to repurchase up to 40,419,489 shares, representing 14.99% of its issued capital. The minimum price which may be paid per ordinary share will be ?0.01. The maximum price which may be paid for any ordinary share will be equal to the amount 105% of the average of the closing price of the company's ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased. The share repurchase program will expire at the conclusion of the next Annual General Meeting in 2021, unless previously renewed, varied or revoked by the company in a general meeting. As of November 10, 2020, the company has 269,643,024 ordinary shares in issue and 0 shares were held in treasury.
Schroder Oriental Income Fund Limited is a Guernsey-based closed-end investment company. The investment objective of the Company is to provide a total return for investors primarily through investments in equities and equity-related investments, of companies which are based in, or which derive a significant proportion of their revenues from, the Asia Pacific region and which offer attractive yields. The Company's portfolio includes government, quasi-government, corporate and high-yield bonds and preferred shares. It invests in various sectors, such as information technology, banks, real estate, materials, communication services, other financials, consumer discretionary, consumer staples, healthcare, energy and industrials. It also invests in various countries, such as Australia, Hong Kong, China, Indonesia, Japan, Korea, New Zealand, Singapore, Taiwan, Thailand and others. Its alternative investment fund manager is Schroder Unit Trusts Limited.
Schroder Oriental Income Fund Limited commences an Equity Buyback Plan for 40,419,489 shares, representing 14.99% of its issued share capital, under the authorization approved on December 11, 2020.