TIDMBPM
RNS Number : 7557G
B.P. Marsh & Partners PLC
06 March 2018
Date: 6 March 2018
On behalf of: B.P. Marsh & Partners Plc
Immediate release
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Share Buy-Back Policy
B.P. Marsh & Partners Plc (AIM: BPM), the specialist venture
capital investor in early stage financial services businesses,
today provides an update on its Share Buy-Back Policy pursuant to
its previous announcement dated 24 July 2017.
The Group remains of the view that the authority to be able to
undertake buy-backs of small parcels of ordinary shares of 10p each
in the Company ("Ordinary Shares") is an important stabilising
mechanism in times of market or share price volatility. The Group's
previous policy was to consider buy-backs when the Company's share
price dropped to more than 25% below its published Net Asset Value.
Pursuant to a recent decision of the Board of Directors, it has
been agreed that this threshold will be amended so that buy-backs
can be considered whenever the Company's share price is more than
20% below the Net Asset Value as stated in the Company's most
recently published balance sheet.
All other terms of the Share Buy-Back Policy set out in the
announcement on 24 July 2017 remain unchanged, and are as
follows:
-- The buy-backs are to be carried out pursuant to and in
accordance with the authority conferred by the Company's
shareholders at the Company's annual general meeting held on 19
July 2017 for up to a maximum of 2,922,604 issued Ordinary Shares,
during the period commencing 24 July 2017 and ending on the expiry
of the Company's existing shareholder authority to purchase the
Ordinary Shares (the "Authority"). The maximum amount of money
allocated to the share buy-back at this stage is GBP150,000.
-- Pursuant to, and during the term of, the Authority, the
Company may purchase Ordinary Shares provided that the maximum
purchase price is an amount not higher than: (i) 105 per cent. of
the average market value of the Ordinary Shares for the five
business days immediately preceding the date on which the Ordinary
Shares are purchased; and (ii) that stipulated by the
Commission-adopted Regulatory Technical Standards pursuant to
article 5 (6) of the Market Abuse Regulation (EU No.596/2014).
-- The Company remains committed to its previously stated
objective to reduce the share price discount to net asset value and
reserves the right to exercise the Authority and effect share
buy-backs if, in the opinion of the Company's directors, such
action would further enhance shareholder value.
-- It is the Company's intention, when the share price drops to
more than 20% below its most recently published Net Asset Value, to
buy small parcels of Ordinary Shares and place them into Treasury
and decide at a later point what treatment to apply to them.
-- The Company will announce any market purchase of Ordinary
Shares pursuant to the Authority without delay.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Adam James / Charles Leigh-Pemberton +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains sixteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk.
Since formation over 25 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for at least five years.
Prior to Brian Marsh's involvement in the Company, he spent many
years in insurance broking and underwriting in Lloyd's as well as
the London and overseas market. He has over 30 years' experience in
building, buying and selling financial services businesses,
particularly in the insurance sector.
Alice Foulk joined B.P. Marsh in September 2011 having started
her career at a leading Life Assurance company. In 2014 she took
over as Executive Assistant to the Chairman, running the Chairman's
Office and established herself as a central part of the management
team.
In February 2015 she was appointed as a Director of B.P. Marsh
and a member of the Investment Committee. In January 2016 Alice was
appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for
the overall performance of the Company and monitoring the Company's
overall progress towards achieving the objectives and goals of the
Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B.P. Marsh,
having been appointed as a Director in 2011. He joined the Company
in February 2007, following two years at an independent London
accountancy practice. Dan is the Senior Executive with overall
responsibility for the portfolio and investment strategy of B.P.
Marsh.
Dan graduated from the University of Durham in 2005 and is a
member of the Securities and Investment Institute and the Institute
of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and
Valuation Committees and currently serves as a Board Director
across the portfolio.
Camilla Kenyon (Millie) was appointed to the main Board in 2011,
following her appointment as Head of Investor Relations in 2009.
She has dual responsibilities within the Group, running both
Investor Relations and the New Business Department and is Chair of
the New Business Committee evaluating new investment
opportunities.
Millie is nominee director in one investee company and is a
member of the Investment Committee. She has over 20 years of
experience in the financial services industry, including numerous
Board appointments and is a Member of the Investor Relations
Society.
Jonathan Newman is a Chartered Management Accountant and is the
Group Director of Finance and has over 17 years' experience in the
financial services industry. Jon graduated from the University of
Sheffield with an honours degree in Business Studies and joined the
Group in November 1999, following two years at Euler Trade
Indemnity and two years at a Chartered Accountants. Jon is a Member
of the Chartered Global Management Accountants, the Chartered
Management Accountants and the Chartered Institute of Securities
and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited
in September 2001, and Group Finance Director in December 2003 and
was instrumental in the admission of the Group to AIM in February
2006. Jon is a member of the B.P. Marsh Investment and Valuation
Committees and currently serves as a Board Director for Walsingham
Motor Insurance Limited, and provides senior financial support and
advice to all companies within the Group's portfolio as well as
evaluating new investment opportunities.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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