Aberdeen UK Smaller Companies Growth Trust Buys Back 18,297 Shares at 493.69p, Lifting Treasury Holdings Above 58.5 Million

Details of the 24 June 2026 Share Buyback Transaction

Aberdeen UK Smaller Companies Growth Trust plc confirmed via a Regulatory News Service (RNS) announcement that on 24 June 2026 it purchased 18,297 ordinary shares in the open market at a price of 493.6885 pence per share. The total cost of the transaction — calculated from the disclosed figures — amounts to approximately £90,309, though the Company did not explicitly state the total consideration in the announcement itself. The shares acquired will be transferred to treasury rather than being cancelled outright, a distinction that carries significance for future capital flexibility.

By holding these shares in treasury, the Company retains the option to reissue them at a later stage, for example to satisfy Demand at or near net asset value, or to use them for other corporate purposes permitted under the Company's articles of association and applicable company law. This approach is common among UK closed-ended investment trusts and provides a degree of operational flexibility that outright cancellation would not afford. The announcement was made in accordance with the Company's obligations under the Disclosure Guidance and Transparency Rules (DTRs).

How the Transaction Reshapes AUSC's Share Capital Structure

Following the completion of this buyback, the Company's capital structure has been updated as follows: 45,616,505 ordinary shares remain in issue and are eligible to carry voting rights, while 58,547,917 ordinary shares are now held in treasury. The total number of ordinary shares issued — inclusive of treasury shares — stands at 104,164,422. These figures confirm that treasury shares now represent a substantial proportion of the Company's total issued share capital, reflecting an extended history of buyback activity over time.

The scale of the treasury position relative to the shares in active circulation is notable. With more than 58.5 million shares held in treasury compared to just over 45.6 million in active issue, the Company has accumulated a significant reserve of shares that could, in principle, be reissued if market conditions or investment demand warranted it. The announcement does not indicate any current intention to do so, but the treasury position itself is a standing feature of the trust's capital management toolkit that investors may wish to Factor into their analysis.

Voting Rights Denominator and Regulatory Notification Obligations

In line with standard practice under the Disclosure Guidance and Transparency Rules, the Company has confirmed that the total number of voting rights following the transaction is 45,616,505. This figure is the denominator that shareholders must use when calculating whether they have crossed a disclosure threshold in relation to their interests in the Company. Shareholders whose interests approach or exceed relevant percentage thresholds — typically 3%, 5%, and subsequent whole-number percentages — are required to notify both the Company and the Financial Conduct Authority.

The disclosure of this figure is a routine but legally important element of any transaction in own shares announcement. Any change in the voting rights denominator — whether from further buybacks, cancellations, or reissuances — would trigger an updated announcement from the Company. For institutional shareholders in particular, tracking this figure is an essential part of their compliance monitoring, especially when holdings are close to a notification threshold. The announcement does not suggest that any Shareholder has crossed such a threshold as a result of this transaction.

AUSC's Treasury Share Strategy in the Context of Investment Trust Capital Management

The decision to hold purchased shares in treasury rather than cancel them is consistent with the practice adopted by many UK investment trusts seeking to manage their share price discount to net asset value (NAV). When an investment trust's shares trade at a discount — meaning the Market Price is below the underlying value of its investment portfolio on a per-share basis — buybacks can serve a dual purpose: they reduce Supply in the Secondary Market, which may support the share price, and they are theoretically NAV-accretive for remaining shareholders if executed at a discount.

Aberdeen UK Smaller Companies Growth Trust focuses on UK-listed smaller companies, a segment of the market that has historically exhibited higher Volatility and greater sensitivity to domestic economic conditions than large-cap equities. Smaller company investment trusts can be particularly susceptible to widening discounts during periods of market stress or reduced investor risk appetite. Consistent buyback programmes are therefore often viewed positively by analysts and shareholders as a signal of disciplined capital management and board commitment to protecting shareholder value. The Company did not disclose its current NAV per share or the prevailing discount level in this announcement.

The Role of abrdn Holdings Limited as Company Secretary

The announcement lists Gordon Hay Smith of abrdn Holdings Limited as the contact for further information, with a telephone number provided for the Edinburgh-based secretariat team. abrdn Holdings Limited acts as company secretary to the trust, a role that encompasses regulatory compliance, investor communications, and the administrative management of corporate actions such as this transaction. The secretariat function at abrdn covers a number of the investment trusts managed within the abrdn group.

The involvement of abrdn as both investment manager and company secretary to Aberdeen UK Smaller Companies Growth Trust is a structural arrangement that investors in the trust will be familiar with. It reflects the typical governance model for externally managed UK investment trusts, where the investment management and administrative functions are contracted out to a specialist third party rather than maintained by an in-house executive team. The board of the Company retains independent oversight responsibility for all key decisions, including the authority to conduct share buyback programmes.

Historical Buyback Activity and the Accumulation of Treasury Shares

The size of the treasury share position — 58,547,917 shares — relative to the total Issued Capital of 104,164,422 shares indicates that this is not an isolated or recent development. The accumulation of such a large treasury holding is the product of sustained buyback activity over a considerable period. This pattern is consistent with the broader behaviour of UK smaller company investment trusts, which have faced ongoing discount management pressures in recent years amid subdued retail investor demand for the Asset Class.

The Company did not provide in this announcement a breakdown of when the treasury shares were acquired, at what average cost, or over what time period. Investors seeking a fuller picture of the trust's historical buyback activity would need to consult earlier RNS announcements or the Company's Annual Report and accounts, where such information is typically set out in more detail. What this latest transaction confirms is that the board continues to actively exercise its buyback authority rather than allowing any approved programme to lapse unused.

Implications for Remaining Shareholders Following the Reduction in Circulating Supply

Each buyback transaction that transfers shares to treasury rather than reissuing them into the market has the mathematical effect of reducing the number of shares available for trading and eligible to participate in future Dividend distributions or NAV calculations. For shareholders who remain invested, this can be beneficial in NAV-accretive terms if the buyback price is below the prevailing NAV per share. However, the Company did not disclose its NAV per share at the time of this transaction, so it is not possible to confirm from this announcement alone whether the buyback was executed at a discount, at par, or at a premium to NAV.

From a Liquidity perspective, investors should be aware that the reduction in freely traded shares resulting from sustained treasury buybacks can, over time, affect the depth of the secondary market in AUSC shares. A smaller free float may mean that larger trades have a proportionally greater impact on the share price. This is a consideration particularly relevant to institutional investors managing significant positions in the trust. The immediate share price impact of this specific transaction was not clear from available public information.

What This Announcement Means for Shareholders Monitoring AUSC

For existing and prospective shareholders in Aberdeen UK Smaller Companies Growth Trust, this announcement serves primarily as a routine regulatory disclosure confirming a standard capital management action. However, taken in aggregate with previous buyback announcements, it provides useful data points for tracking the pace and scale of the Company's ongoing efforts to manage its share capital. Investors may be watching whether the frequency or scale of buybacks changes in the coming weeks, particularly if market conditions affecting UK smaller company equities shift materially.

The trust's focus on UK smaller companies means that its underlying portfolio is sensitive to a range of domestic factors, including Interest Rate expectations, consumer confidence, and the performance of mid and small-cap indices. Any significant deterioration or improvement in sentiment towards this segment of the market could influence both the trust's NAV and the discount at which its shares trade, in turn affecting the board's appetite for further buyback activity. Shareholders are advised to consult the Company's most recent factsheet, annual report, and any subsequent RNS disclosures for the most current information on performance and portfolio positioning.

Legal entity Identifier and Regulatory Framework Governing the Transaction

The announcement includes the Company's Legal Entity Identifier (LEI): 213800UUKA68SHSJBE37. The LEI is a unique 20-character alphanumeric code assigned to legal entities participating in financial transactions, and its inclusion in regulatory announcements is a requirement under European and UK financial markets regulation, including the Markets in Financial Instruments Regulation (MiFIR) and related frameworks retained in UK law following Brexit. The LEI facilitates the identification of the Company across global regulatory reporting systems.

The transaction itself is governed by the Company's existing authority to purchase its own shares, which must be renewed by shareholders — typically annually — at the Company's Annual General Meeting. The board is required to act within the parameters approved by shareholders, including any limits on the maximum price payable and the total number of shares that may be purchased. The announcement does not reference the specific authority under which this purchase was made, but such authorities are standard features of UK investment trust governance and are disclosed in AGM documentation and the annual report.