Aquila Energy Efficiency Trust PLC on Friday announced the terms of its planned share repurchase programme.

The London-based investment trust is focused on small to medium-size energy efficiency projects in the private and public sector.

In March, the company said it intended to return value to shareholders by the way of a tender offer.

The proposed offer will see Aquila Energy repurchase 18.6 million shares at a fixed price of 94.28 pence each for a total value of £17.5 million.

Aquila Energy shares were up 11% to 63.10 pence each in London on Friday morning.

The offer remains subject to approval from shareholders at the upcoming general meeting on May 13.

Furthermore, once sufficient cash has been accumulated, the board intends to make further tender offers to shareholders in the future.

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