The Biotech Growth Trust PLC - Publication of a circular and notice of general meeting
PR Newswire
LONDON, United Kingdom, February 03
3 February 2025
THE BIOTECH GROWTH TRUST PLC
(the "Company")
Notice of General Meeting - Renewal of buy back authority
The board of directors of the Company (the "Board") announces that it is today publishing a circular (the "Circular") which contains the notice of a general meeting (the "General Meeting"), at which the Board is seeking Shareholders' approval to renew the authority of the Company to make market purchases of its ordinary shares (the "Shares").
At the Company's Annual General Meeting on 18 July 2024, Shareholders approved the renewal of the authority to buy back up to 14.99 per cent. of the then issued Share capital (the "Buy Back Authority"). As at the Latest Practicable Date, 3,587,728 Shares have been repurchased, representing 10.9 per cent. of the issued share capital of the Company as at the date of the passing of the Buy Back Authority, and the Board believes that were the current rate of Share buybacks to continue, the remaining Buy Back Authority will be exhausted in the coming weeks or months. Therefore, renewal of the authority is likely to be required in order for the Company to maintain its active discount management policy. The Board is therefore seeking to renew the Buy Back Authority to enable the Company to buy back up to 14.99 per cent. of the Shares in issue as at the date of the passing of the resolution to renew the Buy Back Authority.
The General Meeting to renew the Buy Back Authority will be held at 25 Southampton Buildings, London WC2A 1AL at 9.00 a.m. on Thursday, 27 February 2025. Any authority granted to the Company will lapse at the conclusion of the 2025 Annual General Meeting of the Company.
Expected Timetable
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Latest time and date for receipt of forms of proxy | 9.00 a.m. on 25 February 2025 |
General Meeting | 9.00 a.m. on 27 February 2025 |
A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Circular will also shortly be available on the Company's website at https://www.biotechgt.com.
Terms used and not defined in this announcement shall have the meanings given in the Circular.
Legal Entity Identifier: 549300Z41EP32MI2DN29
For and on behalf of
Frostrow Capital LLP
Company Secretary
For further information, please contact:
Katherine Manson
Frostrow Capital LLP
Tel: 0203 709 8734
