Fidelity Asian Values PLC Repurchases 25,085 Shares at 570p in Latest Buyback Transaction

Details of the 24 June 2026 Share Repurchase by Fidelity Asian Values

Fidelity Asian Values PLC confirmed on 24 June 2026 that its board had authorised the repurchase of 25,085 ordinary shares for cancellation. The transaction was executed at a single price of 570.00 pence per share, with both the lowest and highest price paid also recorded at 570.00p, indicating that all shares in this particular Tranche were acquired at an identical level in what appears to have been a single market transaction or a tightly priced block purchase.

The company did not disclose in the announcement the total cash consideration deployed for this specific transaction, though investors can calculate an approximate figure from the disclosed share count and price. At 570.00p per share across 25,085 shares, the implied gross cost of the repurchase is approximately £142,984.50, though the company did not confirm this figure in the announcement, and any associated dealing costs or stamp duty would be additional. The shares repurchased have been cancelled rather than held in treasury, which means they will not be available for reissue in the future.

How the Buyback Alters Fidelity Asian Values' Share Capital Structure

Following the cancellation of the 25,085 repurchased shares, Fidelity Asian Values PLC's issued share capital now stands at 71,458,245 shares. This figure represents the total number of shares in existence across all categories, including those held in treasury. The company currently holds 8,160,919 shares in treasury, which, as the announcement notes, carry no voting rights under current legislation and regulatory rules.

The effective, vote-bearing share count — the total voting rights figure — now stands at 63,297,326. This is the number that regulators, institutional shareholders, and other Market Participants must use when assessing whether shareholding thresholds triggering disclosure obligations under the FCA's Disclosure Guidance and Transparency Rules have been crossed. For shareholders holding positions close to the statutory notification thresholds of 3%, 5%, 10%, and above, the change in denominator resulting from this buyback may be material to their own regulatory obligations.

The Role of Treasury Shares in Fidelity Asian Values' Capital Management

Investment trusts such as Fidelity Asian Values commonly maintain a pool of treasury shares as a capital management tool. Unlike the shares repurchased and cancelled in this transaction, treasury shares are retained by the company and can, subject to board authority and applicable regulations, be reissued into the market at a later date. The current treasury share figure of 8,160,919 shares represents a meaningful reserve relative to the total issued share capital of 71,458,245 shares.

The distinction between cancelling shares and placing them into treasury is important for investors to understand. Cancellation, as occurred with the 25,085 shares purchased on 24 June 2026, permanently reduces the share count, offering a more definitive form of capital return. Retaining shares in treasury, by contrast, preserves flexibility. The current balance between cancelled and treasury shares suggests the board is pursuing a blended approach to capital management, though the announcement provided no explicit strategic commentary on the rationale for this particular split.

Buybacks as a Discount Management Tool for Asian Equities Investment Trusts

For closed-ended investment trusts such as Fidelity Asian Values, the relationship between the share price and the underlying net asset value (NAV) per share is a key metric for investors. When a trust's shares trade at a discount to NAV — meaning the Market Price is below the value of the portfolio it holds — buybacks can be a mechanism to narrow that gap. By reducing the number of shares in circulation, the trust can, in theory, increase the NAV per remaining share and signal to the market that the board considers the shares undervalued.

The announcement does not disclose whether this transaction was carried out specifically to address a prevailing discount to NAV, nor does it provide the NAV per share at the time of the repurchase. The immediate share price impact was not clear from available public information. Nonetheless, the ongoing programme of repurchases — evidenced by the significant treasury share balance of over eight million shares — suggests that discount management has been a consistent priority for the board of Fidelity Asian Values in recent periods. Investors monitoring the trust may wish to track how the discount or premium evolves in the weeks following this transaction.

FIL Investments International's Administrative Role in the Transaction

The announcement was made by George Bayer, acting for and on behalf of FIL Investments International in its capacity as company secretary to Fidelity Asian Values PLC. FIL Investments International is the investment management arm through which Fidelity International delivers its regulated activities in the United Kingdom, and its role as company secretary places it at the centre of the trust's corporate governance and regulatory communication functions.

The contact details provided — a London telephone number — reflect the trust's operational base in the United Kingdom, consistent with its status as a company incorporated and listed in England. No further commentary from the board or the investment manager was included in the announcement beyond the factual disclosure of transaction details and the updated capital figures, which is standard practice for routine share repurchase notifications of this type.

Regulatory Obligations Triggered by the Updated Total Voting Rights Figure

One of the most practically significant aspects of a share repurchase announcement for institutional and significant retail shareholders is the updated total voting rights figure. Under the FCA's Disclosure Guidance and Transparency Rules (DTR 5), any person whose holding in a company crosses or reaches certain percentage thresholds of total voting rights is required to notify both the company and the FCA. The thresholds begin at 3% and apply at each whole percentage point above 5%.

Because the total voting rights figure has now decreased to 63,297,326 following the cancellation of the 25,085 shares, shareholders whose absolute number of voting shares has remained unchanged may find that their percentage holding has increased, potentially crossing a disclosure threshold even without any purchase of additional shares. The announcement explicitly highlights this point in its notes section, reminding shareholders that the new denominator of 63,297,326 should be applied to their own calculations. Affected parties are advised to seek their own regulatory and legal guidance as appropriate.

Fidelity Asian Values PLC: Investment Focus and Market Context

Fidelity Asian Values PLC is a closed-ended investment trust that seeks to achieve long-term capital growth primarily through investment in the equities of companies across the Asian region, with the exception of Japan. The trust draws on Fidelity International's extensive research capabilities and regional presence across Asia, investing in markets that include China, India, South Korea, Taiwan, and South-East Asian economies, among others.

Asian Equity markets have faced a complex macroeconomic environment in recent years, shaped by factors including shifts in global Interest Rate policy, US-China trade and technology tensions, China's domestic economic trajectory, and evolving currency dynamics across the region. Against this backdrop, share buybacks by the trust serve not only as a capital management tool but also as a signal of the board's confidence in the long-term investment case for the portfolio. The company did not disclose in this announcement any updated views on portfolio positioning, NAV performance, or market outlook.

Comparison With Previous Buyback Activity and the Scale of the Treasury Position

The treasury share balance of 8,160,919 shares, set alongside the current issued share capital of 71,458,245, indicates that Fidelity Asian Values has repurchased a substantial proportion of its shares over the course of its buyback programme. Treasury shares now represent approximately 11.4% of the total issued share capital, which is a meaningful figure and suggests an active and sustained approach to share repurchases over time. However, the announcement does not provide a historical timeline of when these treasury shares were accumulated.

The scale of the current treasury holding also raises a question, for analytical purposes, about the extent to which the board may consider reissuing treasury shares at a premium to NAV in the future, should market conditions be favourable. Such reissuances can act as a source of capital for the trust to grow its portfolio. However, the announcement contains no indication of any current intention to reissue treasury shares, and investors should not infer any such plans from the information disclosed.

What Shareholders and Prospective Investors in FAS Should Monitor Going Forward

For existing shareholders in Fidelity Asian Values PLC, the immediate action point arising from this announcement is to verify whether the change in the total voting rights denominator affects their own disclosure obligations under the DTR framework. Shareholders holding positions in the region of 3%, 5%, or higher percentage thresholds should recalculate their proportional holdings using the updated figure of 63,297,326 and take appropriate action if any threshold has been crossed as a result of the change.

More broadly, investors may be watching whether the board of Fidelity Asian Values continues to conduct share repurchases at a similar pace and price level in the near term. The pace, scale, and pricing of future buyback tranches may offer indirect signals about the board's view on the prevailing discount to NAV and on the relative attractiveness of the trust's shares at current market levels. The company did not disclose a specific buyback programme size, end date, or total capital allocation in this announcement, so investors are advised to monitor subsequent regulatory announcements on the London Stock Exchange and via the trust's Investor relations channels for further information.