# RECI updates on share buyback programme and ongoing capital allocation

- Link: https://www.directorstalkinterviews.com/reci-updates-on-share-buyback-programme-and-ongoing-capital-allocation/4121247276
- Published: 2026-03-31T07:31:53+01:00
- Author: Amilia Stone

In September 2025, the Board of Directors of **Real Estate Credit Investments Limited**(
RECI) announced an extension to its ongoing share buyback programme to run to 31
March 2026. A total of 650,000 ordinary shares of no par value each have been purchased
for treasury for an aggregate amount of £0.8 million, during the period from 1 October
2025 to 30 March 2026.

As previously announced, the Company considers all options when deciding on the 
appropriate allocation of the Company’s available cash resources, including implementing
share buybacks and investment in attractive high yielding opportunities to enhance
RECI’s returns.

The Company’s principal focus has been on new and existing investment opportunities
that can deliver an attractive yield to shareholders, particularly in the context
of a steadily improving discount position since the commencement of the buyback 
programmes. During the current buyback programme, the Ordinary Shares traded at 
an average discount of 12.5 per cent. versus 13.1 per cent. over the previous programme.

Following expiry of the Company’s current buyback programme, the Company will continue
to consider share buybacks on an ongoing basis, utilising the Company’s shareholder
authority to purchase up to 33,231,931 ordinary shares granted at the Company’s 
annual general meeting (AGM) on 17 September 2025 (with a similar shareholder resolution
expected to be tabled at the Company’s next AGM).

The decision on whether to complete buybacks will be determined by available investment
opportunities, the prevailing share price discount, available cash resources and
considering prevailing market conditions. In periods of market volatility (such 
as we are currently experiencing), the Company will balance potential share buybacks
versus maintaining appropriate levels of cash reserves. The Company will provide
further updates on the progression of the buyback approach as part of its half-year
and annual reports.

To complete the share buybacks, the Company will appoint Panmure Liberum to make
market purchases of Ordinary Shares in on its behalf. Panmure Liberum will purchase
the Ordinary Shares as principal (and not as agent) and sell them on to the Company.
The Company intends that any Ordinary Shares purchased by the Company will be held
in treasury.

Any share purchases will be made in accordance with certain pre-set parameters set
out in the terms of Panmure Liberum’s engagement, the general authority of the Company
to repurchase shares granted by shareholders at the Company’s 2025 annual general
meeting; and the EU Market Abuse Regulation (596/2014) as it forms part of domestic
law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended);
and Chapter 9 of the Financial Conduct Authority’s UK Listing Rules.

The maximum price payable per share (exclusive of expenses) must not exceed the 
higher of: (i) 105 per cent. of the average middle market quotations for the five
business days preceding the date of purchase; and (ii) the higher of the last independent
trade and the highest current independent bid on the London Stock Exchange.

A buy-back of Ordinary Shares on any trading day may represent a significant proportion
of the daily trading volume in the Ordinary Shares on the Exchange (and could exceed
the 25 per cent. limit of the average daily trading volume of the preceding 20 business
days as referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on
buy-back programmes (as it forms part of UK law by virtue of the European Union (
Withdrawal) Act 2018)).

Any purchase of Ordinary Shares by Real Estate Credit Investments will be notified
through an RIS announcement in accordance with the UK Listing Rules. Shareholders
should note that whether a buyback of Ordinary Shares is made is based on a number
of factors and, accordingly, no expectation or reliance should be placed on Panmure
Liberum exercising such discretion on any one or more occasions.

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