In a meeting set for 23 August, shareholders will vote to refresh the £1.6bn trust’s buyback policy, which aims to repurchase shares when the discount approaches 5%, within normal market conditions.
The board said in a stock exchange notice today (23 July) that the move is to prevent FGT from being unable to implement the buyback policy.
Since its 2024 annual general meeting held in January, the trust has repurchased 20.6 millions of shares for £175.1m, representing 70.2% of the existing buyback authority.
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