Quilter PLC Share buyback programme update (0068R)
25 June 2020 - 4:00PM
UK Regulatory
TIDMQLT
RNS Number : 0068R
Quilter PLC
25 June 2020
FOR IMMEDIATE RELEASE
25 June 2020
Quilter plc
Share buyback programme update
In connection with the capital return of up to GBP375 million
announced on 2 January 2020, Quilter plc (the Company) initiated a
share buyback programme (the Programme) on 11 March 2020 to
purchase Company shares with a value of up to GBP375 million in
order to reduce the share capital of the Company, subject to
remaining within certain pre-set parameters. The period for the
initial tranche of the Programme was announced as commencing on 11
March 2020 and ending no later than 29 May 2020. As previously
indicated, the Programme is subject to staged regulatory approval
and the Board will continue to keep the Programme under review to
make sure it remains the most efficient and effective means of
returning capital to shareholders.
Repurchases to date total GBP50.2 million of which GBP27.6
million were conducted on the London Stock Exchange and GBP22.6
million were conducted on the Johannesburg Stock Exchange. 43.2
million Company shares were acquired, and cancelled, at an average
price of 116.14 pence.
Following Financial Conduct Authority approval for a second
tranche of repurchases of up to GBP125 million, the Company has
entered into various agreements with Goldman Sachs International
(GSI) under which it has issued an irrevocable instruction for GSI
to manage the next tranche of the Programme of up to GBP75 million
("Tranche 2a"), and the Company's implementation of the remaining
GBP50 million of Company share repurchases shall remain subject to
further consideration of the Company at a later date ("Tranche
2b").
Company shares will be purchased on European trading venues,
including the London Stock Exchange, and on the Johannesburg Stock
Exchange. The purchases are expected to be equally split between
the Company's UK and South African share registers. GSI will carry
out the instruction during the period starting on 25 June 2020 and
ending no later than 25 November 2020 (the Purchase Period) for the
acquisition of ordinary shares in the Company for subsequent
repurchase by the Company. The maximum consideration payable by the
Company under Tranche 2a of the Programme is approximately up to
GBP 75 million in aggregate.
Any Company shares repurchased on such European trading venues
under Tranche 2a of 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 Company shares. Any Company shares
repurchased on the Johannesburg Stock Exchange under Tranche 2a of
the Programme will be effected in accordance with the Company's
authorities to repurchase shares. The repurchase of Company shares
may be discontinued in the event the Company ceases to have the
necessary authorities to repurchase ordinary shares .
The Company will cancel the repurchased Company shares.
GSI and/or its affiliates may undertake transactions in Company
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 GSI and/or its affiliates as
a result of or as part of the Programme, but GSI and/or its
affiliates will continue to make any disclosures it is otherwise
legally required to make. GSI may effect purchases of Company
shares on the Johannesburg Stock Exchange through one or more of
its affiliates or any broker-dealer authorised to trade on the
Johannesburg Stock Exchange.
Enquiries:
John-Paul Crutchley - Head of Investor Relations Tel: +44 (0)75 9530 1018
Jane Goodland - Corporate Affairs Director Tel: +44 (0)77 9001 2066
Patrick Gonsalves - Company Secretary Tel: + 44 (0)20 7778 9670
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 GBP95.3 billion in investments (as at 31
March 2020).
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
business, 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, including AAM Advisory in Singapore.
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 Investment Platform
International Quilter International
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END
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