Share buyback programme update

RNS Number : 9611Z

Quilter PLC

27 May 2021

 

FOR IMMEDIATE RELEASE

27 May 2021

Quilter plc

Share buyback programme update

In connection with the capital return of up to £375 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 £375 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 £225 million of which £122 million were conducted on the London Stock Exchange and £103 million were conducted on the Johannesburg Stock Exchange. To date, 163.5 million Quilter shares have been acquired, and cancelled, at an average price of 137.7 pence 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 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 £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 ("the Engagement 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 3b of the Programme is approximately up to £50 million in aggregate.

Any Company shares repurchased on such European trading venues under Tranche 3b 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 3b 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.

Enquiries

Investor Relations: John-Paul Crutchley Keilah Codd	[phone] [phone]
Media: Jane Goodland Tim Skelton-Smith	[phone] [phone]
Camarco Geoffrey Pelham-Lane	[phone]
Company Secretary: Patrick Gonsalves	[phone]

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 £119.9 billion in customer investments (as at 31 March 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 Old Mutual Wealth UK Platform and Quilter International, including AAM Advisory in Singapore.  

 

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