Impax Environmental Markets PLC Market Update (7573N)
22 January 2019 - 8:41PM
UK Regulatory
TIDMIEM
RNS Number : 7573N
Impax Environmental Markets PLC
22 January 2019
Impax Environmental Markets plc
Market Update
Share Issuance
The Board of Directors of Impax Environmental Markets plc (the
"Company") notes the strong price performance of the Company's
shares for long periods of 2018, and the consequent material
re-rating of the shares during the course of the year. This, in the
Board's view, reflects both the growing recognition of the merits
of the Company's environmental investment thesis, as well as the
strong long-term credentials of the Investment Manager, who has
been responsible for the Company's portfolio since the Company's
launch in February 2002. Since late September, the shares have
generally traded at a premium to net asset value; and in December,
the Company issued shares out of treasury in order to satisfy
demand that could not readily be met in the secondary market.
The Company has 45,448,109 Ordinary Shares in treasury and
available for issuance. The Investment Manager will be undertaking
a number of one-to-one marketing meetings with shareholders and
potential investors over the coming weeks.
Premium and Discount Control
Given the potential for further share issuance, the Board
recognises that existing shareholders and potential investors alike
will welcome some clarification on its intentions regarding premium
and discount management.
The Board therefore confirms that it remains committed to using
its powers, including those to issue and buy back shares, in a
proactive manner with the aim of seeing the shares, in normal
market conditions, trading close to net asset value on a consistent
and long-term basis.
Enquiries
Anthony Lee/Maria Matheou
PraxisIFM Fund Services (UK) Limited 020 7653 9690
Dominic Waters
Will Barnett
Neil Brierley
Canaccord Genuity 020 7523 8000
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END
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