Carson Cumberbatch Group companies Ceylon Investment PLC and Ceylon Guardian Investment Trust PLC, two related closed-end funds, have each delayed the start of their proposed share repurchase offers by three weeks.
Both offers, first flagged to the exchange on 23 July, were originally scheduled to open on 2 September; both will now open on 22 September instead.
Ceylon Investment plans to repurchase up to 1,800,014 ordinary shares, one for every 54 held, at Rs. 203.33 per share, a price set against the fund’s net asset value as at 31 March, 2026. The offer is valued at over Rs. 365.9 million.
Ceylon Guardian’s offer is larger and covers two share classes. It plans to repurchase up to 1,510,529 ordinary shares and 105,609 deferred shares, in each case one for every 53 held, at Rs. 406.43 per share, also priced off 31 March net asset value. Net of 15% withholding tax, the offer is valued at over Rs. 613.9 million for ordinary shares and over Rs. 42.9 million for deferred shares. Together, the two funds’ repurchases are worth just over Rs. 1.02 billion.
Both companies have adopted an identical revised timetable: an entitlement date of 11 September, dispatch of offer documents and acceptance forms by 21 September, an offer window running from 22 September to 13 October, and payment to accepting shareholders due no later than 27 October.
Neither disclosure altered the underlying terms of its respective offer, only the commencement date, consistent with the delay both companies had already signalled at the time of their original July announcements.
Share repurchases of this kind allow closed-end funds to return capital to shareholders at a price anchored to net asset value, offering an exit route closer to underlying fund value than the market price might otherwise reflect.