Artemis UK Future Leaders Plc Completes Buyback of 13,200 Shares at 353p, Adjusts Voting Rights Base to 29.18 Million

Details of the 2 July 2026 Share Repurchase

Artemis UK Future Leaders Plc announced on 3 July 2026 that its board authorised and completed a market purchase of 13,200 Ordinary shares on 2 July 2026. Each share, with a nominal value of 20 pence, was bought at 353.000 pence. The shares will be held in treasury, meaning they remain issued but lose voting and dividend rights while in treasury.

This acquisition represents 0.03% of the company’s issued Ordinary share capital. Although a small proportion, it forms part of the company’s ongoing buyback programme, a common tool among investment trusts to manage discounts to net asset value (NAV). The announcement did not specify the discount level or NAV per share at the time.

Changes in Treasury Share Holdings for AFL

After this transaction, Artemis UK Future Leaders Plc’s total issued share capital is 49,826,436 Ordinary shares, with 20,644,637 shares held in treasury. This means over 41% of issued capital is treasury stock, reflecting accumulated repurchases over time rather than a single large buyback.

Treasury shares are typical in UK investment trust capital management and can be reissued later, for example if shares trade at a premium to NAV. The announcement does not indicate any current plans to reissue treasury shares, which should be viewed as a reserve for now.

Updated Voting Rights and Regulatory Implications

Following the treasury transfer, the total number of Ordinary shares with voting rights is 29,181,799. This figure must be used by shareholders to determine if changes in their holdings trigger notification duties under the FCA’s Disclosure Guidance and Transparency Rules (DTRs).

Shareholders must notify the company and FCA when their voting rights cross thresholds such as 3%, 4%, 5%, and whole percentage points thereafter. Since the denominator changed, major shareholders should reassess their holdings against the new figure to confirm if notifications are required. The company published this figure to facilitate compliance.

Significance of Share Buybacks in UK Investment Trusts

UK investment trusts commonly use share repurchases to address discounts to NAV. When shares trade below the portfolio’s value, buybacks reduce supply and signal confidence, potentially narrowing the discount. Artemis UK Future Leaders Plc focuses on smaller and mid-sized UK companies with growth potential, a segment prone to wider discounts historically.

The announcement lacks commentary on the discount or NAV at purchase. Investors should consult the latest NAV data to assess if the 353.000 pence price was at a discount. The immediate share price impact was not publicly clear at the time.

About Artemis UK Future Leaders Plc and Market Context

Artemis UK Future Leaders Plc is a closed-ended investment company managed by Artemis Investment Management LLP, focusing on UK-listed smaller and mid-sized companies with growth prospects. This market segment has faced challenges amid macroeconomic uncertainty and low investor appetite for domestic risk assets.

The continuation of buybacks shows the board’s commitment to active capital management. Buybacks at a discount to NAV are generally positive for remaining shareholders, though the financial impact depends on the relationship between the purchase price and NAV, which was not disclosed.

Treasury Holdings Scale and Capital Management

The treasury holding of 20,644,637 shares out of 49,826,436 issued shares is significant. It results from multiple buybacks over time, each typically small like the recent 0.03% acquisition.

This reduces the shares available for voting and economic returns to less than half of issued capital, affecting ownership percentages and liquidity. The company did not disclose the total cost or average price of treasury shares accumulated.

Governance and Company Secretary Role

The announcement was made by Northern Trust Secretarial Services (UK) Limited, serving as Company Secretary. Northern Trust is a major global custodian and fund administrator providing secretarial services to UK-listed investment trusts. Their involvement aligns with Artemis UK Future Leaders Plc’s governance obligations under UK corporate norms.

The company’s Legal Entity Identifier (LEI) is 549300K1D1P23R8U4U50, used internationally for regulatory and financial transaction identification. This ensures cross-referencing with other disclosures globally.

Shareholder Actions Following the Announcement

For most retail and smaller institutional shareholders, the change in voting rights denominator to 29,181,799 has minimal practical effect. Most will not cross DTR notification thresholds due to this transaction alone. However, shareholders near thresholds should recalculate holdings based on the updated figure to ensure compliance.

Investors should monitor future announcements for additional buybacks, NAV updates, or changes in treasury share policy. Any future reissuance of treasury shares, such as a placing at a premium, would be a significant event requiring close attention. No such plans were indicated here.

FCA Disclosure Requirements and Market Transparency

Publishing updated voting rights after each own share transaction is a legal requirement for UK-listed companies to maintain market transparency. Artemis UK Future Leaders Plc complied promptly with this requirement by announcing the buyback on 3 July 2026, the day after the purchase.

Investors should note that the 29,181,799 voting shares figure does not equal the full economic interest, as total issued shares remain 49,826,436. The difference between issued capital and voting shares is crucial for assessing ownership and disclosure obligations, and this announcement clearly delineates both figures.