North Atlantic Smaller Companies Investment Trust PLC (NAS), known as NASCIT, has announced the purchase of 59,500 ordinary shares at 419.01 pence per share on 6 November 2026, with settlement due on 10 November 2026. The shares, each carrying a nominal value of 0.5 pence, have been acquired for cancellation, reducing the trust's total issued share capital. Following the cancellation, NASCIT's issued share capital will stand at 123,867,000 ordinary shares with voting rights, a figure relevant to shareholders calculating their disclosure obligations under FCA rules.

Key Points

  • North Atlantic Smaller Companies Investment Trust PLC (NAS)
  • NASCIT purchased 59,500 ordinary shares at 419.01 pence per share on 6 November 2026, acquired for cancellation
  • Post-cancellation issued share capital stands at 123,867,000 ordinary shares with voting rights; settlement date is 10 November 2026
  • Investors should monitor whether further buyback tranches are announced and track any resulting changes to voting interest thresholds

NASCIT Cancels 59,500 Ordinary Shares at 419.01p in November 2026 Buyback

The company announced on 9 November 2026 that it completed the purchase of 59,500 ordinary shares on 6 November 2026 at a price of 419.01 pence per share. Each share carries a nominal value of 0.5 pence. The transaction was conducted with the specific intention of cancelling the repurchased shares rather than holding them in treasury. Settlement of the transaction is confirmed for 10 November 2026, meaning the reduction in share capital becomes effective on that date. Share buybacks for cancellation are a common capital management tool used by investment trusts to manage discount levels and return value to remaining shareholders.

NASCIT Issued Share Capital Falls to 123,867,000 Ordinary Shares After Cancellation

Following the cancellation of the 59,500 repurchased shares, NASCIT's total issued share capital will consist of 123,867,000 ordinary shares, all of which carry voting rights. The announcement confirms this figure as at 10 November 2026, the settlement date. This updated total is material for existing and prospective shareholders, as it represents the denominator to be used when calculating whether a notifiable interest in the company has been reached or changed under the FCA's Disclosure and Transparency Rules. Shareholders are therefore required to use 123,867,000 as the reference figure for such calculations from that date.

FCA Disclosure and Transparency Rules: What NASCIT's New Share Capital Figure Means for Shareholders

Under the FCA's Disclosure and Transparency Rules, shareholders must notify the company when their voting interest crosses certain prescribed thresholds. Each time a buyback reduces the total number of shares in issue, the denominator used for those calculations changes, which can itself trigger notification obligations for some investors even without any change in the number of shares they hold. NASCIT's announcement explicitly draws attention to the updated figure of 123,867,000 ordinary shares for this purpose. Investors holding significant stakes in the trust should review their positions against this revised total to assess whether a disclosure notification is required.