Bankers Investment Trust announces share buyback and NAV update

The Bankers Investment Trust PLC (NZX:BIT) announced a market purchase of 250,000 ordinary shares on May 7, 2025, at a price of GBP112.2p per share, to be held in treasury, which followed a similar purchase of 300,000 ordinary shares on May 8, 2025, at GBP113.2667p. This buyback was executed under the authority granted at the Annual General Meeting held on February 25, 2025. Following the purchase, the issued share capital stands at 1,315,102,830 ordinary shares, with 252,919,222 shares, or 19.2%, now held in treasury with no voting rights. This brings the total voting rights to 1,062,183,608 on May 7, and 253,219,222 shares, or 19.3%, on May 8, bringing the total voting rights to 1,061,883,608. Concurrently, the company released its unaudited net asset value (NAV) per share. As of May 6, the NAV calculated according to the AIC formula was GBP119.6p (including current financial year revenue items and excluding treasury shares), and with debt marked at fair value, it was GBP122.7p. Excluding current financial year revenue items and treasury shares, the NAV was GBP119.1p, or GBP122.1p with debt marked at fair value. The fair value of the company's GBP denominated unsecured loan notes is based on a discount rate calculated using the yield of a UK Gilt of a similar maturity plus a credit spread. The current estimated fair value of the Company's Euro denominated unsecured loan notes is based on a discount rate calculated using the yield of a Euro Swap of similar maturity plus a credit spread. These announcements provide investors with an update on the company's capital management activities and its financial performance.