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LONDON - Bellevue Healthcare Trust plc (LSE:BHT) announced Friday it will hold a General Meeting on September 29 to seek shareholder approval for additional share repurchase authority to support its ongoing zero discount policy.
The company is requesting the authority after utilizing significant portions of its current share buyback capacity, which was approved at a previous general meeting held on August 12. Since implementing the zero discount policy on April 23, the trust has repurchased 102,398,853 shares, with its stock trading at an average discount to net asset value (NAV) of 1.9 percent.
The zero discount policy, introduced earlier this year, aims to maintain the company’s share price at or around its net asset value per share under normal market conditions. Without the renewed authorization, the company stated it may lack sufficient authority to continue supporting this policy through share repurchases.
The General Meeting will take place at 9:00 a.m. on September 29 at the offices of Stephenson Harwood LLP in London. Shareholders must submit proxy appointments by 9:00 a.m. on September 25 to participate in the vote.
Details of the proposal are contained in a circular published by the company, which will be available on the National Storage Mechanism and the company’s website.
The announcement was made through a regulatory news service filing based on a company press release statement.
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