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Share buyback programme

11 March 2020

Quilter plc (the Company) announces that, in connection with the capital return of up to £375 million which it announced on 2 January 2020, it is commencing a share buyback programme (the Programme) to purchase shares with a value of up to £375 million subject to remaining within certain pre-set parameters in order to reduce the share capital of the Company.  The Programme will be subject to staged regulatory approval and the Board will keep the programme under review to make sure it continues to be the most efficient and effective means of returning capital to shareholders.

In connection with the initial tranche of the Programme, the Company has 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 share buyback programme in respect of shares to be purchased by the Company on UK trading venues including the London Stock Exchange.  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.  JPMS plc and JPMESA will carry out the instruction during the period starting on 11 March 2020 and ending no later than 30 June 2020 (the Engagement 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 initial tranche of the Programme is approximately £45 million, but may be increased by up to a further £5 million subject to the determination of the aggregate consideration payable by the Company under the Odd-lot Offer that has also been announced today.  JPMS plc and JPMESA will each carry out 50 per cent. of the initial tranche of the programme on UK trading venues and the Johannesburg Stock Exchange, respectively.

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 Engagement 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.

 

Enquiries:

 

John-Paul Crutchley – Head of Investor Relations

Tel: +44 (0)20 7002 7016

Jane Goodland – Corporate Affairs Director

Tel: +44 (0)77 9001 2066

Patrick Gonsalves – Company Secretary

Tel: + 44 (0)20 7778 9670 

 

Notes to Editors:

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 £110.4 billion in customer investments (as at 31 December 2019).

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 advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.

Disclaimer

This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results. 

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make.

Nothing in this announcement should be construed as a profit forecast.