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GUERNSEY - Fair Oaks Income Limited (LON:FAIR), a closed-ended investment company, has issued 900,000 of its 2021 Shares from its treasury stock today to meet investor demand. The shares were sold at 55.05 cents each, which is above the current net asset value (NAV) per share.
The company’s decision to release these shares from treasury comes as a response to market demand and is in line with its ongoing share buyback program that was first announced in September 2022. Fair Oaks Income has indicated the possibility of issuing additional shares in the future, contingent upon market conditions and continued investor interest, with the intention of issuing at a premium over the prevailing NAV.
Following the transaction, Fair Oaks Income reported a revised total of voting rights. The number of 2021 Shares now stands at 405,815,477, with Realisation Shares totaling 33,131,786, bringing the combined total number of shares in issue to 438,947,263. However, with 26,935,626 2021 Shares held in Treasury, the total voting rights in the company amount to 412,011,637. This figure is significant for shareholders who need to disclose changes in their shareholding in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Each 2021 Share and Realisation Share entitles the holder to one vote, excluding those held in treasury. The issuance of shares from treasury is a common practice for investment firms to manage their capital structure and provide liquidity to the market.
Investors and shareholders are to use the total number of voting rights as the denominator in their calculations for notification requirements under the regulatory rules.
This news is based on a press release statement from Fair Oaks Income Limited.
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