Ruffer Investment Company Limited (RICA), a closed-ended investment company incorporated in Guernsey, has announced the repurchase of 150,000 Redeemable Participating Preference Shares at a price of £2.939419 per share on 5 November 2026. The buyback was conducted under a general authority granted by shareholders on 10 December 2024, with the acquired shares to be held in treasury. The transaction represents approximately 0.0391 per cent of the company's current issued share capital, a modest but routine capital management exercise that investors in investment companies typically monitor for signals about discount management strategy.

Key Points

  • Ruffer Investment Company Limited (RICA), a Guernsey-incorporated closed-ended investment company
  • The company repurchased 150,000 Redeemable Participating Preference Shares at £2.939419 per share on 5 November 2026
  • Following the transaction, 281,083,050 voting rights are in issue excluding treasury shares, out of a total 384,017,764 shares issued
  • Investors should watch whether further buybacks are conducted under the existing shareholder authority as a potential indicator of ongoing discount management activity

RICA Buys Back 150,000 Redeemable Participating Preference Shares at £2.9394 Each

The company confirmed it repurchased 150,000 Redeemable Participating Preference Shares at £2.939419 per share on 5 November 2026, with the acquired shares to be held in treasury. The buyback was conducted pursuant to the general authority granted by shareholders at a meeting held on 10 December 2024, which permitted the company to make market acquisitions of its own shares. The aggregate cost of the repurchase was not separately disclosed in the announcement beyond the per-share price. Treasury share holdings can be reissued or cancelled at the board's discretion in the future.

Ruffer's Issued Share Capital and Treasury Position Following the November 2026 Buyback

Following completion of the transaction, Ruffer Investment Company has 384,017,764 Redeemable Participating Preference Shares in total issue, of which 102,934,714 are now held in treasury. The announcement states that for reporting purposes under the FCA's Disclosure Guidance and Transparency Rules, market participants should exclude treasury-held shares and use the figure of 281,083,050 voting rights when determining whether a notification obligation regarding interests in the company has been triggered. This distinction is material for shareholders calculating percentage threshold positions for regulatory disclosure purposes.

Shareholder Authority and Regulatory Framework Underpinning the Ruffer Buyback Programme

The buyback was executed under a standing shareholder authority, a standard mechanism for closed-ended investment companies listed in the UK and Channel Islands that allows boards to repurchase shares in the market without seeking fresh approval for each individual transaction. Ruffer Investment Company, registered in Guernsey with registration number 41966, operates as a closed-ended structure, meaning share buybacks are one of the principal tools available to manage any discount between the share price and net asset value. The company's broker is Investec Bank plc and its company secretary is Aztec Financial Services (Guernsey) Limited.