B.P. Marsh & Partners PLC Interim Dividend Declaration and Share Buy-Back (7545M)
January 16 2023 - 1:00AM
UK Regulatory
TIDMBPM
RNS Number : 7545M
B.P. Marsh & Partners PLC
16 January 2023
16 January 2023
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Interim Dividend Declaration
and
Share Buy-Back Programme
Interim Dividend
B.P. Marsh & Partners Plc (AIM: BPM), the specialist venture
capital investor in early stage financial services businesses, is
pleased to declare an Interim Dividend of 1.39p per share covering
the period from 1(st) February 2022 to 31(st) January 2023.
The Board has agreed that this year the dividend will be paid in
two instalments: an Interim Dividend of 1.39p per share (GBP0.5m)
in February 2023 and the balance in July 2023 as a Final Dividend,
subject to Shareholder Approval at the Company's next Annual
General Meeting, expected to be held in July 2023 (the "2023 AGM").
The Interim Dividend of 1.39p per share will be payable on 28(th)
February 2023 to all Shareholders on the Register on 27(th) January
2023.
It remains the Company's aspiration to pay a dividend of at
least GBP1.0m in aggregate for its year ending 31(st) January 2023,
subject always to the Board's right to recommend an increased or
decreased Final Dividend, for example in the event of significant
realisations or capital commitments of the Company.
The Board will annually revisit the frequency of dividend
payments for subsequent years as it reviews the cash requirements
of the Group.
Share Buy-Back Programme
The Board is aware of the significant discount at which the
Company's shares trade relative to its net asset value ("NAV") per
share and remains committed to its previously stated objective to
reduce this discount and enhance long term shareholder value. The
Board believes that share buybacks are one of a number of
appropriate means of achieving these objectives.
Accordingly, the Board has today approved a strategy to
repurchase ordinary shares of 10.0p each in the Company ("Ordinary
Shares") for up to a maximum aggregate consideration of GBP1.0m and
subject to Ordinary Shares being available to purchase at a price
representing a discount of at least 20% to the most recently
announced NAV per share of 499.0p (the "Programme").
The Programme will be carried out in accordance with the
Company's general authority to purchase a maximum of 3,746,600
Ordinary Shares, conferred by shareholders at the Company's Annual
General Meeting held on 25(th) July 2022 (the "General Authority")
and at a price not exceeding the maximum approved pursuant to the
General Authority.
The purpose of the Programme is to reduce the Company's share
capital outside of Treasury and it will commence on the date of
this announcement and continue until either the maximum pecuniary
amount has been purchased under the Programme or, if earlier, the
expiration of the General Authority (which is in place until the
2023 AGM). The Programme will be financed through existing cash
resources.
Share repurchases will take place in open market transactions
and may be made from time to time depending on market conditions,
share price and trading volume. The Programme will be conducted
within the parameters of the Market Abuse Regulation 596/2014/EU
(as in force in the UK and as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019) (the "Regulation") and the
delegated regulations made pursuant to it.
The purchased Ordinary Shares will be held by the Company in
Treasury. Shares held in Treasury are not entitled to dividends and
have no voting rights at the Company's general meetings.
The Company confirms that it currently has no unpublished inside
information.
The Company will announce any market purchase of Ordinary Shares
pursuant to the authority without delay.
This announcement contains inside information.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Stephen Jones / Ailsa
MacMaster +44 (0)20 7886 2500
Financial PR & Investor Relations
Tavistock bpmarsh@tavistock.co.uk
Simon Hudson / Tim Pearson +44 (0)20 7920 3150
Notes to Editors:
B.P. Marsh's current portfolio contains fifteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk .
Since formation over 30 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 approaching ten years.
- Ends -
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DIVGPUCAGUPWPGA
(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
B.p. Marsh & Partners (LSE:BPM)
Historical Stock Chart
From Apr 2024 to May 2024
B.p. Marsh & Partners (LSE:BPM)
Historical Stock Chart
From May 2023 to May 2024