Quilter PLC Share buyback programme (6947F)
11 March 2020 - 6:02PM
UK Regulatory
TIDMQLT
RNS Number : 6947F
Quilter PLC
11 March 2020
FOR IMMEDIATE RELEASE
11 March 2020
Quilter plc
Share buyback programme
Quilter plc (the Company) announces that, in connection with the
capital return of up to GBP375 million which it announced on 2
January 2020, it is commencing a share buyback programme (the
Programme) to purchase shares with a value of up to GBP375 million
subject to remaining within certain pre-set parameters in order to
reduce the share capital of the Company. The Programme will be
subject to staged regulatory approval and the Board will keep the
programme under review to make sure it continues to be the most
efficient and effective means of returning capital to
shareholders.
In connection with the initial tranche of the Programme, the
Company has entered into an agreement with J.P. Morgan Securities
plc (JPMS plc) under which it has issued an irrevocable instruction
to JPMS plc to manage the share buyback programme in respect of
shares to be purchased by the Company on European trading venues
including the London Stock Exchange (the UK Buyback). An additional
agreement has been entered into with J.P. Morgan Equities South
Africa Propriety Limited (JPMESA) in respect of shares to be
purchased by the Company on the Johannesburg Stock Exchange (the SA
Buyback). JPMS plc and JPMESA will carry out the instruction during
the period starting on 11 March 2020 and ending no later than 6 May
2020 (the Purchase Period) through the acquisition of ordinary
shares in the Company for subsequent repurchase by the Company. The
maximum consideration payable by the Company under this initial
tranche of the Programme is approximately up to GBP22.5 million in
respect of the SA Buyback and up to GBP22.5 million in respect of
the UK Buyback, but in respect of the UK Buyback may be increased
by up to a further GBP5 million subject to the determination of the
aggregate consideration payable by the Company under the Odd-lot
Offer that has also been announced today.
Any shares repurchased under the Programme will be effected in
accordance with Chapter 12 of the Listing Rules of the Financial
Conduct Authority, the Market Abuse Regulation 596/2014 and the
Company's authorities to repurchase shares and will be discontinued
in the event the Company ceases to have the necessary authorities
to repurchase ordinary shares .
The Company will cancel the repurchased shares.
JPMS plc and/or its affiliates may undertake transactions in
Shares (which may include sales and hedging activities, in addition
to purchases which may take place on any available trading venue or
on an over the counter basis) during the Purchase Period in order
to manage its market exposure under the Programme. Disclosure of
such transactions will not be made by JPMS plc and/or its
affiliates as a result of or as part of the Programme, but JPMS plc
and/or its affiliates will continue to make any disclosures it is
otherwise legally required to make.
Enquiries:
John-Paul Crutchley - Head of Investor Relations Tel: +44 (0)20 7002 7016
Jane Goodland - Corporate Affairs Director Tel: +44 (0)77 9001 2066
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Patrick Gonsalves - Company Secretary Tel: + 44 (0)20 7778 9670
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About Quilter plc:
Quilter plc is a leading wealth management business in the UK
and internationally, helping to create prosperity for the
generations of today and tomorrow.
Quilter plc oversees GBP110.4 billion in customer investments
(as at 31 December 2019).
It has an adviser and customer offering spanning: financial
advice; investment platforms; multi-asset investment solutions; and
discretionary fund management.
The business is comprised of two segments: Advice and Wealth
Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning
businesses, Quilter Financial Planning, Quilter Private Client
Advisers and Quilter Financial Advisers; the discretionary fund
management business, Quilter Cheviot; and Quilter Investors, the
Multi-asset investment solutions business. Wealth Platforms
includes the Old Mutual Wealth UK Platform and Quilter
International.
Since its IPO in June 2018, the Group's businesses have
progressively re-branded to Quilter. The UK Platform will be the
final business to rebrand; this will follow the safe delivery of
the new platform technology. Descriptor for re-branded business
units:
Previous New
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client
Advisers Quilter Private Client Advisers
Quilter Investors Quilter Investors
Quilter Cheviot Quilter Cheviot
UK Platform Quilter Wealth Solutions
International Quilter International
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END
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