Quilter PLC Share buyback programme update (8522B)
October 13 2020 - 3:00AM
UK Regulatory
TIDMQLT
RNS Number : 8522B
Quilter PLC
13 October 2020
13 October 2020
Quilter plc
Share buyback programme update
In connection with the return of capital 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 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 including appropriate market safe
harbour rules and shareholder authorities. 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 appropriate, including ongoing consideration of the
financial position and prospects of the business given the market
environment, and to make sure it remains the most efficient and
effective means of returning capital to shareholders.
Repurchases to date total GBP125 million of which GBP65 million
were conducted on the London Stock Exchange and GBP60 million were
conducted on the Johannesburg Stock Exchange. To date, 96.5 million
Quilter shares have been acquired, and cancelled, at an average
price of 129.5 pence.
The first tranche of the Programme began on the 11 March 2020
and ended in May 2020. Following Financial Conduct Authority
approval for a second tranche of repurchases of up to GBP125
million, on 25 June 2020 the Company launched the second tranche of
the share buyback programme, (Share buyback programme update). The
Company mandated Goldman Sachs International to undertake the first
part of a second tranche of buyback of up to GBP75 million (Tranche
2a). Tranche 2a completed on 30 September 2020. The Company has now
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 remaining tranche of the share buyback programme
(Tranche 2b) 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 13
October 2020 and ending no later than 9 March 2021 ("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 tranche of the Programme is
approximately up to GBP25 million in respect of the SA Buyback and
up to GBP25 million in respect of the UK Buyback.
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.
- end -
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Media:
Jane Goodland +44 (0)7790 012 066
Tim Skelton-Smith +44 (0)7824 145 076
Camarco
Geoffrey Pelham-Lane +44 (0)20 3757 4985
Company Secretary:
Patrick Gonsalves +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 GBP107.4 billion in customer investments
(as at 30 June 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
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, 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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