Finsbury Growth & Income Trust Buys Back 148,789 Shares at 745.46p, Reducing Voting Rights Denominator to 102,932,490

Details of the 24 June 2026 Share Repurchase by Finsbury Growth & Income Trust

Finsbury Growth & Income Trust PLC confirmed on 24 June 2026 that it had completed a market purchase of 148,789 of its own ordinary shares, acquiring them at a single price of 745.46 pence per share. The announcement states that all shares acquired in the transaction will be held in treasury rather than being cancelled, which is a common approach for Investment trusts seeking to manage their share count and discount to net asset value without permanently reducing their issued Share Capital.

The total consideration implied by the purchase — calculated from the disclosed price and Volume — amounts to approximately £1,109,337, though the company did not explicitly state the aggregate cost figure in the announcement. Investors should note that this represents one transaction within what may be an ongoing buyback programme, and further purchases may be disclosed in subsequent regulatory announcements should the board continue to see Buybacks as an appropriate tool for discount management.

How the Treasury Share Mechanism Works for FGT Shareholders

When Finsbury Growth & Income Trust purchases its own shares and places them in treasury, those shares remain part of the company's total issued share capital on a technical basis but are stripped of their voting rights and are excluded from Dividend entitlements. This means they sit in a form of suspended state: they can be reissued into the market at a future date — for example, if the trust's shares move to a premium — but they do not count towards the active pool of voting shares until that point.

As a result of this latest transaction, the trust's total treasury holding has risen to 122,058,813 ordinary shares. This is a substantial figure relative to the voting share count, and it underscores that FGT has been an active user of the treasury mechanism over time. The ability to recycle treasury shares back into the market without the administrative burden of a formal new share issuance gives the board a degree of flexibility that purely cancelling shares would not afford.

Updated FCA Voting Rights Denominator: What 102,932,490 Means in Practice

One of the most practically important disclosures in any share buyback announcement is the updated voting rights denominator, which investors and their compliance teams must use when calculating whether their percentage interest in a company has crossed a threshold requiring notification under the FCA's Disclosure Guidance and Transparency Rules (DTRs). Following this transaction, the denominator for Finsbury Growth & Income Trust is confirmed as 102,932,490 ordinary shares.

Any Shareholder whose holding — when expressed as a fraction of 102,932,490 — crosses above or falls below the 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% or higher thresholds set out in the DTRs is obliged to notify the company and the FCA within two trading days. Because a buyback reduces the denominator, a shareholder who has not traded their own shares can nonetheless find their percentage interest has risen, potentially crossing a disclosure threshold. Institutional investors with holdings in FGT should verify their position against this updated denominator as a matter of regulatory compliance.

Finsbury Growth & Income Trust's Investment Mandate and Discount Context

Finsbury Growth & Income Trust is a long-established UK-listed investment trust that pursues a focused, high-conviction Equity strategy, investing primarily in the shares of quoted companies. The trust is managed by Lindsell Train Limited, whose principal Nick Train oversees a concentrated portfolio of what the manager considers high-quality, durable consumer and financial brands. The trust's shares are traded on the main market of the London Stock Exchange and it is a constituent of various investment trust indices tracked by retail and institutional investors alike.

Investment trusts such as FGT can trade at either a premium or a discount to their net asset value (NAV), and share buybacks are one of the principal mechanisms boards use to address persistent discounts. By purchasing shares in the open market, the trust reduces Supply, which in theory supports the share price relative to NAV and signals to the market that the board considers the shares to be attractively priced. The immediate share price impact of this specific transaction was not clear from available public information, and investors wishing to assess the current discount or premium should consult up-to-date pricing and NAV data from independent sources.

Frostrow Capital LLP's Role as Company Secretary in Regulatory Disclosures

The announcement was made by Frostrow Capital LLP, acting in its capacity as company secretary to Finsbury Growth & Income Trust. Frostrow Capital is a specialist provider of investment trust administration and company secretarial services, and it acts in this role for a number of London-listed closed-ended funds. All regulatory disclosures of this type — covering transactions in own shares — are made on behalf of the company under the company secretary's signature, as is standard practice in the UK investment trust sector.

Investors seeking additional information regarding the transaction are directed in the announcement to contact Victoria Hale at Frostrow Capital LLP, reachable by telephone on 020 3 170 8732. This contact detail relates to investor and media enquiries about the regulatory disclosure itself rather than to investment or portfolio queries, which would typically be directed to the Fund Manager, Lindsell Train Limited.

Regulatory Framework Governing FGT's Market Purchases of Own Shares

A listed company's ability to purchase its own shares in the market is governed in the United Kingdom by a combination of company law — principally the Companies Act 2006 — and the rules of the Financial Conduct Authority, including the Market Abuse Regulation (MAR). Before conducting any buyback programme, a company must obtain shareholder authority, typically via a resolution passed at its Annual General Meeting. Such authority specifies the maximum number of shares that may be purchased and the price limits within which purchases may be made.

The announcement does not specify the remaining headroom under FGT's current buyback authority, nor does it disclose whether this purchase forms part of a structured buyback programme under a safe harbour arrangement. Investors who wish to understand the full scope of the board's repurchase mandate are encouraged to review the resolutions passed at the company's most recent AGM and any related announcements made at that time.

Treasury Share Count of 122 Million in Context of FGT's Capital Structure

The disclosure that Finsbury Growth & Income Trust now holds 122,058,813 shares in treasury — compared to a live voting share count of 102,932,490 — is a notable feature of the trust's capital structure. It means that the treasury pool now exceeds the actively voting share count, which reflects the scale of buyback activity the trust has undertaken over recent years, particularly during periods when its shares have traded at a discount to NAV.

This ratio between treasury shares and voting shares may be of interest to analysts assessing the trust's long-term capital management strategy. A large treasury holding provides significant potential supply for the trust to issue shares at a premium should sentiment improve, helping it to grow its asset base without diluting existing shareholders. Conversely, investors may watch whether the pace of buyback activity accelerates or slows in the coming months as an indicator of how the board assesses prevailing market conditions and the discount level.

Implications for Investors Monitoring FGT's Discount Management Strategy

For investors in Finsbury Growth & Income Trust, share buybacks represent one of the clearest signals of active discount management by the board. When a trust buys its own shares below NAV, each purchase is mathematically accretive to the NAV per share of continuing shareholders, because shares are retired from the active pool (or moved to treasury) at a price below the underlying asset value they represent. This means buybacks at a discount are not merely a cosmetic exercise but can deliver tangible, if modest, value to long-term holders.

Investors may be watching whether FGT's buyback frequency and volume in 2026 compares favourably or unfavourably with prior years, and whether the pace of activity suggests the board is responding to a meaningful or only modest discount. The company did not disclose the NAV per share or the prevailing discount level at the time of this transaction in the announcement, so investors should consult independent data providers for that context. What the announcement does confirm is that the board remains active in its use of available capital management tools as at the date of disclosure.

What Shareholders Should Monitor Following This Disclosure

In the near term, shareholders and prospective investors in Finsbury Growth & Income Trust should monitor two things in particular. First, any further announcements of transactions in own shares, which will indicate whether the 24 June purchase represents an isolated event or part of a sustained buyback campaign. Second, the evolution of the trust's discount or premium to NAV, which is the underlying driver of whether buybacks are likely to continue and at what pace.

Shareholders with significant stakes in the trust should also ensure their compliance functions have updated their records to reflect the new voting rights denominator of 102,932,490, as failure to notify threshold crossings within the DTR deadline can result in regulatory censure. Broader Market Participants may also find it useful to track the total number of shares held in treasury over time, as a sustained increase would suggest the board is prioritising capital return over asset growth, while a reduction — through treasury share issuances — would suggest improved market conditions and a shift towards growing the trust's investable asset base.