13 Sep - 4 min read
Share buyback programme update
Share buyback programme update QUILTER PLC Incorporated under the Companies Act 1985 with registered number 06404270 and re-registered as a public limited company under the Companies Act 2006) ISIN CODE: GB00BDCXV269 JSE SHARE CODE: QLT Quilter plc (the "Company") FOR IMMEDIATE RELEASE 13 September 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 £275 million of which £152 million were conducted on the London Stock Exchange and £123 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 £100 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 £50 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 £10 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 £50 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 £126.6 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. JSE Sponsor: J.P. Morgan Equities South Africa Proprietary Limited Date: 13-09-2021 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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