Ruffer Investment Company Limited (RICA), a closed-ended investment company incorporated in Guernsey, has announced the repurchase of 500,000 of its Redeemable Participating Preference Shares at a price of £2.943565 per share on 3 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 that investors monitoring RICA's capital management activity will wish to note.

Key Points

  • Ruffer Investment Company Limited (RICA) — closed-ended investment company incorporated in Guernsey
  • The company repurchased 500,000 Redeemable Participating Preference Shares at £2.943565 per share on 3 November 2026, to be held in treasury
  • Following the transaction, total issued shares stand at 384,017,764, of which 102,384,714 are held in treasury; voting rights for FCA reporting purposes total 281,633,050
  • Investors should watch whether RICA continues buyback activity under its existing shareholder authority and the impact on the treasury share proportion

Ruffer Buys Back 500,000 Preference Shares Under December 2024 Shareholder Authority

The repurchase was carried out pursuant to the general authority granted by Ruffer Investment Company's shareholders on 10 December 2024, permitting the company to make market acquisitions of its own Redeemable Participating Preference Shares. The 500,000 shares were acquired on 3 November 2026 at £2.943565 per share and will be held in treasury. The company's announcement confirms this transaction equates to approximately 0.1302 per cent of its current issued share capital, reflecting a modest but deliberate deployment of its buyback mandate in prevailing market conditions.

Treasury Share Position and Voting Rights Following the 3 November 2026 Transaction

Following the buyback, Ruffer Investment Company has 384,017,764 Redeemable Participating Preference Shares in issue, of which 102,384,714 are now held in treasury. Under the FCA's Disclosure Guidance and Transparency Rules, treasury shares are excluded from voting right calculations. The company has therefore directed that the relevant figure for determining notification obligations is 281,633,050 voting rights. This distinction is material for shareholders and institutional investors assessing whether disclosure thresholds have been crossed in relation to their interests in the company.

Ruffer's Closed-Ended Structure and Guernsey Incorporation Shape Buyback Mechanics

Ruffer Investment Company operates as a closed-ended fund incorporated in Guernsey with registration number 41966, a structure that influences how share capital is managed and repurchased. Unlike open-ended funds, closed-ended vehicles such as RICA cannot issue or cancel shares on demand from investors, making secondary market buybacks one of the primary tools available to manage the relationship between the share price and net asset value. Holding repurchased shares in treasury rather than cancelling them preserves flexibility to reissue them at a later date if market conditions warrant.