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LONDON - JPMorgan European Discovery (NASDAQ:WBD) Trust PLC (JEDT) announced today that its shareholders have approved a special resolution to authorize the company to repurchase up to 15,390,695 of its own shares. The decision was made at the general meeting held earlier today, where the resolution was passed on a poll.
The company’s issued share capital before the resolution included 136,314,903 ordinary shares, with 33,641,819 shares held in treasury. With the passing of the resolution, JEDT now has the authority to buy back shares representing a significant portion of its issued share capital.
The voting results showed strong support for the resolution, with 97.23% of votes cast in favor and only 2.77% against. The total votes cast amounted to 56,476,519, which is 54.50% of the company’s issued share capital. An additional 6,992 votes were withheld, which are not counted as votes in law.
The resolution’s approval gives JEDT the flexibility to manage its capital effectively and potentially provide value to its shareholders through the buyback program. Share repurchases are a common way for companies to return capital to shareholders and can also help to improve financial ratios such as earnings per share.
The details of the vote and the notice of the general meeting are available on the company’s website and have also been submitted to the National Storage Mechanism, where they will be available for inspection.
This development is based on a press release statement and reflects the company’s ongoing strategic financial management. Shareholders and investors can expect the company to proceed with the share repurchases in accordance with the terms set out in the resolution.
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