The previous buyback would have expired. This is a new buyback, for twelve months beginning on 1st June.
Previous LSF buybacks were only applicable if there was a NTA-SP discount. The declared target was to push the SP up to within 10% of the NTA. At the discretion of the directors, shares then continued to be bought back even after the SP had come within 10% of the NTA, so it is possible that this new buyback might help to close the NTA-SP gap. Tomorrow's webinar will probably mention if there has been any change to the buyback strategy.
The operation of the buyback adds to the NTA, by the amount of the NTA-SP discount for each share bought back.
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