TEMIT’s board has announced a substantial package of new commitments and actions. The independent Board of Directors believes that these measures represent a robust commitment to underpin the returns to shareholders over the next five years.
For full details, please read the full Stock Exchange announcement released to the market on 4 June 2024.
The package includes:
- Enhanced share buyback programme
A £200 million share buyback programme over the next 12 to 24 months - Minimum dividend level set
A commitment to at least maintain the current total annual dividend of 5p per share for the next five years - and a willingness to use the substantial reserves if required. - Conditional tender offer
A new performance-related conditional tender offer for the next five-year period to 31 March 2029. - Fee reduction
A phased reduction and simplification of the management fee over the next two financial years.
For further details, please read the full Stock Exchange announcement released to the market on 4 June 2024.