Street Calls of the Week
LONDON - Franklin Global Trust plc (LSE:FGT) announced that shareholders approved a special resolution authorizing the company to repurchase up to 7,752,649 ordinary shares, representing 14.99% of shares in issue, at a general meeting held Wednesday.
The share buyback authorization received strong shareholder support with 92.8% of proxy votes cast in favor of the resolution. The program allows the company to make market purchases of its ordinary shares with a minimum price of 5 pence per share, excluding expenses.
According to the resolution, the maximum price for repurchased shares will not exceed 5% above the average mid-market quotations derived from the London Stock Exchange’s Daily Official List for the five business days preceding any purchase, or the higher of the last independent trade and highest current independent bid on the exchange.
The buyback authority will remain in effect for 15 months or until the company’s 2026 Annual General Meeting, whichever comes first. The company may enter into share purchase contracts under this authority that could be executed after the authority expires.
Franklin Global Trust, which trades under the ticker LSE:FGT, can use this authorization to repurchase shares at its discretion within the specified parameters. The information was disclosed in a regulatory announcement following the general meeting.
The approval comes as part of the company’s capital management strategy, based on a press release statement issued by Franklin Templeton Investment Trust Management Limited, which serves as the company secretary.
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