Ruffer Investment Company Limited (RICA), the Guernsey-incorporated closed-ended investment company, has announced the repurchase of 500,000 of its Redeemable Participating Preference Shares at a price of GBP 2.927208 per share on 12 November 2026. The buyback, conducted under shareholder authority granted on 10 December 2024, sees the acquired shares held in treasury rather than cancelled. The transaction represents approximately 0.1302 per cent of the company's current issued share capital, a detail investors tracking discount management activity will note.

Key Points

  • Ruffer Investment Company Limited (RICA) — Guernsey-incorporated closed-ended investment company
  • The company repurchased 500,000 Redeemable Participating Preference Shares at GBP 2.927208 per share on 12 November 2026
  • Following the transaction, 384,017,764 shares are in issue, of which 103,684,714 are held in treasury; the voting rights figure for regulatory purposes stands at 280,333,050
  • Investors should watch whether RICA continues buyback activity under its existing shareholder authority as a discount-management tool

Buyback Executed Under December 2024 Shareholder Authority at GBP 2.927208 Per Share

The repurchase was carried out pursuant to the general authority granted by Ruffer Investment Company's shareholders at a meeting on 10 December 2024, permitting the board to make market acquisitions of Redeemable Participating Preference Shares. The 500,000 shares were acquired on 12 November 2026 at a price of GBP 2.927208 each and will be held in treasury. The announcement states that this transaction equates to approximately 0.1302 per cent of the company's total current issued shares, confirming the buyback represents a modest but deliberate exercise of the existing authority.

Treasury Holdings Rise to 103.7 Million Shares After Latest RICA Transaction

Following completion of the repurchase, Ruffer Investment Company has 384,017,764 Redeemable Participating Preference Shares in issue in aggregate, of which 103,684,714 are now held in treasury. Treasury shares do not carry voting rights and are excluded from regulatory calculations. The scale of treasury holdings — representing a substantial portion of total issued share capital — reflects the company's sustained use of buybacks over time, a common tool among closed-ended investment companies seeking to manage the discount between their share price and net asset value.

Voting Rights Figure of 280,333,050 Set for FCA Disclosure Purposes

Under the FCA's Disclosure Guidance and Transparency Rules, market participants and significant shareholders must use the figure of 280,333,050 voting rights when assessing whether they are required to notify an interest in, or a change to their interest in, Ruffer Investment Company. This figure excludes all treasury-held shares, in line with standard regulatory reporting practice. Shareholders and institutional investors approaching relevant notification thresholds should update their calculations to reflect this revised total following the 12 November 2026 transaction, the announcement confirms.