Quilter PLC Share Buyback Programme Update (4574L)
September 13 2021 - 1:00AM
UK Regulatory
TIDMQLT
RNS Number : 4574L
Quilter PLC
13 September 2021
FOR IMMEDIATE RELEASE
13 September 2021
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 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. 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 GBP275 million of which GBP152 million
were conducted on the London Stock Exchange and GBP123 million were
conducted on the Johannesburg Stock Exchange. To date, 196.1
million Quilter shares have been acquired, and cancelled, at an
average price of 140.2 pence.
Following Prudential Regulation Authority approval for a fourth
tranche of repurchases of up to GBP100 million, the Company has
entered into various agreements with J.P. Morgan Securities plc and
J.P. Morgan Equities South Africa Propriety Limited (collectively
"JPM") under which it has issued an irrevocable instruction for JPM
to manage the next tranche of the programme of up to GBP50 million
("Tranche 4a").
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 GBP10
million. JPM will carry out the instruction during the period
starting on 13 September 2021 and ending no later than 30 November
2021 (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 4a of
the Programme is up to approximately GBP50 million in
aggregate.
Any Company shares repurchased on such European trading venues
under Tranche 4a 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 (as incorporated
into UK domestic law by the European Union (Withdrawal) Act 2018)
and the Company's authorities to repurchase Company shares. Any
Company shares repurchased on the Johannesburg Stock Exchange under
Tranche 4a 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.
JPM 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 JPM and/or its affiliates as
a result of or as part of the Programme, but JPM and/or its
affiliates will continue to make any disclosures it is otherwise
legally required to make. JPM 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.
- ends -
Enquiries:
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Company Secretary:
Patrick Gonsalves +44 (0)7391 867 081
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 GBP126.6 billion in customer investments
(as at 30 June 2021).
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 Private Client Advisers, Quilter Financial
Planning and Quilter Financial Advisers), the discretionary fund
management business (Quilter Cheviot) and the Multi-asset
investment solutions business (Quilter Investors). Wealth Platforms
includes the Quilter investment platform and Quilter International,
including AAM Advisory in Singapore.
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