Quilter PLC Share buyback programme (6947F)

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RNS Number : 6947F

Quilter PLC

11 March 2020

FOR IMMEDIATE RELEASE

11 March 2020

Quilter plc

Share buyback programme

Quilter plc (the Company) announces that, in connection with the capital return of up to GBP375 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 GBP375 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 European trading venues including the London Stock Exchange (the UK Buyback). 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 (the SA Buyback). JPMS plc and JPMESA will carry out the instruction during the period starting on 11 March 2020 and ending no later than 6 May 2020 (the Purchase 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 up to GBP22.5 million in respect of the SA Buyback and up to GBP22.5 million in respect of the UK Buyback, but in respect of the UK Buyback may be increased by up to a further GBP5 million subject to the determination of the aggregate consideration payable by the Company under the Odd-lot Offer that has also been announced today.

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 Purchase 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: [phone] 
 Jane Goodland - Corporate Affairs Director         Tel: [phone] 
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 Patrick Gonsalves - Company Secretary              Tel: + 44 (0)20 7778 9670 
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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 GBP110.4 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 planning businesses, Quilter Financial Planning, Quilter Private Client Advisers and Quilter Financial Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth UK Platform and Quilter International.

Since its IPO in June 2018, the Group's businesses have progressively re-branded to Quilter. The UK Platform will be the final business to rebrand; this will follow the safe delivery of the new platform technology. Descriptor for re-branded business units:

 
Previous                          New 
Intrinsic                         Quilter Financial Planning 
Old Mutual Wealth Private Client 
 Advisers                         Quilter Private Client Advisers 
Quilter Investors                 Quilter Investors 
Quilter Cheviot                   Quilter Cheviot 
UK Platform                       Quilter Wealth Solutions 
International                     Quilter International 
                                  ------------------------------- 
 

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March 11, 2020 03:02 ET (07:02 GMT)