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Quilter updates the market on share buyback programme
StockMarketWire.com
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Quilter has updated the market on its share buyback programme, which to date has seen repurchases of £225 million, of which £122 million were done on the London Stock Exchange and the remainder on the Johannesburg Stock Exchange.
The company added that, to date, 163.5 million Quilter shares have been acquired, and cancelled, at an average price of 137.7p per share.
Following Prudential Regulation Authority approval for a third tranche of repurchases of up to £100 million, of which £50 million was executed by Goldman Sachs International under Tranche 3a, the company has entered into various agreements with JP Morgan Securities plc and JP Morgan Equities South Africa Propriety Limited under which it has issued an irrevocable instruction for JPM to manage the next tranche of the programme of up to £50 million (Tranche 3b).
Company shares will be purchased on European trading venues including the London Stock Exchange and on the Johannesburg Stock Exchange. The minimum purchase on each exchange will be £10 million.
JPM will carry out the instruction during the period starting on 27 May 2021 and ending no later than 31 August 2021 for the acquisition of ordinary shares in the company for subsequent repurchase by Quilter.
The maximum consideration payable by the company under Tranche 3b of the programme is approximately up to £50 million in aggregate.
Story provided by StockMarketWire.com
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