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DSM: Share Buy-back Authority Through Closed Period

Downing Strategic Micro-Cap Investment Trust plc
11 April 2022
Share Buy-back Authority Through Closed Period

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Share buy-back authority through closed period
Downing Strategic Micro-Cap Investment Trust plc (“the Company”) announces that it has authorised its broker, Shore Capital Stockbrokers Ltd (“Shore Capital”), to repurchase Ordinary Shares in the Company (the “buy-back agreement”), within the parameters set out below, from the date of this announcement until the announcement of its annual results, expected to be 7.00am on Monday 9 May 2022 (the “buy-back period”).

The directors of the Company confirm that any inside information known to the directors and the Company up to the date of this notice has been notified to a Regulated Information Service ("RIS"). Accordingly, the Company is not prohibited from granting this authority under this buy-back agreement.

The buy-back agreement provides that purchases of shares during the buy-back period shall be subject to the following parameters:
a) the maximum number of Shares to be purchased by the Company shall not, in aggregate, exceed 475,000 Shares, being within the authority given by shareholders at the Company’s 2021 Annual General Meeting, and shall not exceed 125,000 shares in any one five day working week (100,000 in the week commencing Tuesday 19 April);
b) the maximum value of Shares that can be purchased during the Buy-back Period shall otherwise not in aggregate exceed £400,000; and
c) the maximum price paid per Share shall be no more than 85.0 per cent of Shore Capital’s estimate of each day’s net asset value per share at the time of purchase during the weeks commencing Monday 11 April and Tuesday 19 April 2022 (Monday 18 April being a National Holiday) and no more than 86.0 per cent of Shore Capital’s estimate of each day’s net asset value per share at the time of purchase during the weeks commencing Monday 25 April 2022 and 2 May 2022 and shall be no more than the higher of: (i) 105% of the average middle market closing prices of the Shares for the 5 dealing days preceding the date of such Purchase; and (ii) the higher of the last independent trade and the highest current independent bid for the Shares when the Purchase is carried out;
d) no Purchases are to be made on any dealing day when the Company appears on the Disclosure Table published by the Panel on Takeovers and Mergers.

The buy-back agreement also provides that the Company shall not:
i) exercise any influence over how, when or whether Shore Capital effects the purchases contemplated by the buy-back agreement, or
ii) alter or deviate from the buy-back agreement or change the number of shares, price or timing of the purchases. The buy-back agreement will terminate on the last day of the buy-back period and, prior to this date, may only be terminated by Shore Capital.

Shore Capital (Financial Adviser and Broker)
Robert Finlay
020 7408 4050

Grant Whitehouse
Downing LLP
Company Secretary
020 7630 4333