REG - Foresight Envr - Extension of Share Repurchase Programme to £30m

Foresight Environmental InfrastructureAnnouncement

31/03/2025 07:15

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RNS Number : 7942C  Foresight Environmental Infrastruct  31 March 2025

FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED

("FGEN" or the "Company")

 

Extension of Share Repurchase Programme to £30m

 

FGEN, a leading listed investment company with a diversified portfolio of
environmental infrastructure assets across the UK and mainland Europe,
announces its intention to extend its current share buyback programme, which
was announced on 15 August 2024 ("the Programme"), to a total maximum
aggregate consideration of £30 million via a further £10m being allocated to
the Programme.

The initial Programme to return up to £20 million to shareholders via on
market share buybacks of the Company's ordinary shares (the "Shares") in FY25,
is now largely complete. The extension of the Programme will be funded from
the Company's own resources in accordance with its stated approach to capital
allocation.

The share repurchase programme will be executed using the authority granted by
shareholders at FGEN's 2024 annual general meeting ("AGM") on 13 September
2024 to acquire up to 14.99% of its issued share capital at that time. That
authority will expire at the Company's next AGM, expected to be held during
September 2025 and, to the extent required, the share repurchase programme
will be continued using any renewal of such authority at the Company's 2025
AGM.

The maximum price payable per Share repurchased under the programme will not
exceed the higher of: (i) 105% of the average middle market quotations for the
five business days preceding the date of purchase; and (ii) the higher of the
last independent bid and the highest current independent bid on the London
Stock Exchange.

This arrangement is in accordance with Chapter 9 of the UK Listing Rules and
the Company's general authority to repurchase shares.

A repurchase of Shares on any trading day may represent a significant
proportion of the daily trading volume in the Shares (and could exceed the 25%
limit of the average daily trading volume of the preceding 20 business days as
referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on
buy-back programmes (as it forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018)).

Details of any Shares purchased pursuant to the share repurchase programme
will be announced by the Company no later than 07:30 am on the business day
following the day on which such purchase occurs. Any Shares repurchased by the
Company will be cancelled or held in treasury.

Any Share repurchases will be at the sole discretion of the Board and there is
no guarantee that the share repurchase programme will be implemented in full
or that any Shares will be repurchased by the Company.

For further information and enquiries, please contact:

 

 Foresight Group                                      +44(0)20 3667 8100
 Chris Tanner
institutionalir@foresightgroup.eu

Edward Mountney

Charlie Wright
 Winterflood Securities Limited                       +44(0)20 3100 0000
 Neil Langford

 SEC Newgate                                          +44 (0)20 3757 6882
 Clotilde Gros
fgen@secnewgate.co.uk

Alice Cho

Harry Handyside
 Apex Fund and Corporate Services (Guernsey) Limited  +44 (0)20 3530 3600
 Matt Lihou
fgen@apexgroup.com

 

 

About FGEN

FGEN's investment policy is to invest in a diversified portfolio of
Environmental Infrastructure. Environmental Infrastructure is defined by the
Company as infrastructure assets, projects and asset-backed businesses that
utilise natural or waste resources or support more environmentally friendly
approaches to economic activity, support the transition to a low carbon
economy or which mitigate the effects of climate change. Such investments will
typically feature one or more of the following characteristics:

· long-term, predictable cash flows, which may be wholly or partially
inflation-linked cash flows;

· long-term contracts or stable and well-proven regulatory and legal
frameworks; or

· well-established technologies, and demonstrable operational performance.

FGEN's aim is to provide investors with a sustainable, progressive dividend
per share, paid quarterly and to preserve the capital value of the portfolio
over the long term on a real basis. The target dividend for the year to 31
March 2025 is 7.80 pence per share¹.

FGEN is an Article 9 fund under the EU Sustainable Finance Disclosure
Regulation and has a transparent and award winning approach to ESG.

Further details can be found on FGEN's website www.fgen.com and LinkedIn page.

 

LEI: 213800JWJN54TFBMBI68

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