Artemis UK Future Leaders PLC Executes Market Buyback of 7,671 Shares at 374.741p Each for Treasury

Details of Share Buyback and Execution Strategy

As part of its capital management strategy, Artemis UK Future Leaders PLC executed a market purchase of 7,671 ordinary shares on 23 July 2026 at 374.741 pence each, reflecting the prevailing market price. While modest relative to total share capital, this buyback aligns with the company's ongoing shareholder-authorised repurchase programme. The purchase price offers investors insight into management’s valuation assessment for deploying capital into treasury shares.

The acquired shares will be held in treasury instead of being cancelled, granting the company flexibility to utilize them for future corporate initiatives such as employee share schemes, acquisitions, or other capital transactions. Treasury shares do not carry voting rights or dividends, thereby reducing the voting share denominator without permanently altering issued capital. This common practice among UK-listed investment companies preserves capital management optionality.

Effect on Issued Capital and Voting Rights

Following the transaction, Artemis UK Future Leaders PLC’s issued share capital stands at 49,826,436 ordinary shares of 20 pence each. Of these, 20,728,166 are treasury shares without voting rights, resulting in an effective voting share capital of 29,098,270 shares. Treasury shares constitute approximately 41.6% of total issued capital, reflecting the company’s prior repurchase activity.

The immediate reduction of voting shares by 7,671 is minimal; however, the cumulative share buyback programme has created a notable difference between issued and voting capital. This distinction is crucial for shareholders calculating their ownership percentages and disclosure obligations under FCA rules. Maintaining a significant treasury share balance indicates the Board’s confidence in the company’s financial position and strategic capital allocation.

FCA Disclosure Guidance and Transparency Rules Denominator

The company emphasizes that the updated total voting rights figure of 29,098,270 ordinary shares should be used by shareholders for calculations under the FCA’s Disclosure Guidance and Transparency Rules. These rules mandate shareholder notifications when holdings cross specific thresholds, typically at 3% increments above 3% of voting rights. Accurate use of this denominator is essential for compliance.

This disclosure is a regulatory standard ensuring market participants have precise capital structure information. Shareholders and institutional investors must apply the 29,098,270 figure when determining if their holdings trigger notification requirements, which must be submitted within two business days of crossing thresholds. This clarity aids investors close to disclosure levels or acquiring shares in the company.

Artemis UK Future Leaders’ Investment Approach and Market Focus

Artemis UK Future Leaders PLC is a managed investment company targeting growth-oriented UK businesses. It offers shareholders exposure to a diversified portfolio of UK enterprises across sectors and development stages, aiming for long-term capital growth. The company’s investment strategy focuses on firms with strong growth potential, experienced leadership, and sustainable competitive advantages, supporting UK entrepreneurship.

Operating as a closed-ended investment company, Artemis UK Future Leaders provides professional capital stewardship. The recent share buyback reflects disciplined capital management and management’s view of valuation relative to net asset value, a key metric for such companies.

Treasury Shares and Capital Management

The company currently holds 20,728,166 shares in treasury, a substantial portion of its 49,826,436 issued shares. This balance results from cumulative repurchases, indicating selective capital deployment aligned with market conditions. Holding shares in treasury rather than cancelling them offers strategic flexibility for future corporate uses without needing additional shareholder approvals.

Treasury shares can support employee share schemes, acquisitions via share consideration, or market opportunities. This approach is common among investment companies to maintain flexible capital management. The disclosed treasury balance provides insight into the Board’s capital allocation priorities and valuation assessments. Treasury shares also impact earnings per share and other performance metrics.

Share Price and Valuation Context

The repurchase price of 374.741 pence per share reflects the Board’s valuation judgment on 23 July 2026. This price is relevant for investors assessing management’s capital deployment decisions. For closed-ended investment companies, the relationship between share price and net asset value per share is critical, and repurchases at this price suggest management viewed it as a constructive use of capital.

Investors should consider this price alongside the company’s historical trading range, net asset value trends, and market conditions at the time. The announcement does not provide net asset value data or future buyback guidance; investors should consult the company’s financial reports for further details.

Regulatory Compliance and Market Disclosure

This share purchase complies with UK regulatory frameworks governing market buybacks. The shares were acquired through market transactions at prevailing prices, following shareholder approval granted at the annual general meeting authorizing repurchases up to a specified percentage of issued capital.

The announcement complies with FCA Disclosure Guidance and Transparency Rules, detailing shares purchased, price, date, and impact on capital structure. Specifying the voting rights denominator ensures shareholders and the market have accurate capital structure information for disclosure compliance. Northern Trust Secretarial Services (UK) Limited serves as Company Secretary, supporting governance and regulatory adherence.

Implications for Voting Rights and Disclosure Thresholds

The voting rights denominator decreased slightly from 29,105,941 to 29,098,270 shares, minimally affecting individual shareholders’ percentage holdings. For example, a shareholder with 872,948 shares, previously 3% of voting rights, now holds exactly 3.00% of the updated denominator.

This change is particularly relevant for shareholders near FCA disclosure thresholds (3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, or 75%). Although the impact is less than 0.03 percentage points, shareholders must use the updated denominator for all future threshold calculations. This announcement ensures market participants have the correct figure for compliance and highlights the importance of monitoring such changes.

Outlook on Capital Management and Investment Company Practices

The buyback aligns with common practices among UK closed-ended investment companies, which use repurchases to manage discounts or premiums to net asset value. Buying back shares at a discount can enhance net asset value per remaining share. Although the company has not disclosed net asset value or its relation to the purchase price, the repurchase at 374.741 pence indicates management’s positive capital allocation view.

Investors should track the company’s share price, net asset value, and any future buyback announcements. The significant treasury shareholding provides flexibility for further repurchases or strategic uses without requiring new shareholder approval, assuming existing authorizations remain valid. The Board’s active capital structure management reflects disciplined capital deployment and responsiveness to valuation and market conditions. Investors are advised to review the company’s latest financial disclosures for detailed capital allocation and net asset value information.