Templeton Emerging Markets cancels treasury shares, buys back more

Templeton Emerging Markets Investment Trust PLC (NZX:TEM) announced the cancellation of 43,825,895 treasury shares, reducing its holdings to 60,000,000 shares and maintaining the total number of voting rights at 1,026,490,854. Following this cancellation, the company then announced the buyback and cancellation of additional ordinary shares on March 25th and March 26th. On March 25th, Templeton purchased 563,588 shares at a price of GBP174.51 per share. This resulted in 1,025,927,266 shares being issued with 60,000,000 held in Treasury. A further buyback took place on March 26th, with 532,107 shares purchased at a price of GBP174.38 per share, resulting in 1,025,395,159 shares being issued and 60,000,000 shares held in Treasury. The company stated that treasury shares will only be reissued at a price above the prevailing net asset value (NAV) per share. Shareholders may use the total number of voting rights (1,025,927,266 on March 25 and 1,025,395,159 on March 26) as a denominator to determine if they are required to notify their interest in the company under the FCA’s Disclosure Guidance and Transparency Rules.