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.
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This information is issued and approved by Franklin Templeton Investment Management Limited (FTIML). It does not constitute investment advice. The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions discussed here were or will prove to be profitable. These opinions are not intended to be a forecast of future events, research, a guarantee of future results or investment advice. Past performance is not a guide to future returns. The return may increase or decrease as a result of fluctuations in the markets, in currency and/or in the portfolio.
Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested. The analysis of Environmental, Social and Governance (ESG) factors form an important part of the investment process and helps inform investment decisions. The strategy does not necessarily target particular sustainability outcomes. The opinions contained in this document are those of the named manager(s). They may not necessarily represent the views of other managers, strategies or funds. Shares in investment trusts are traded on a stock market and the share price will fluctuate in accordance with supply and demand and may not reflect the value of underlying net asset value of the shares. The majority of charges will be deducted from the capital of the company. This will constrain capital growth of the company in order to maintain the income streams.