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(Alliance News) - Quilter PLC on Monday announced that it will return GBP328 million to its shareholders through the issue of B shares.
The London-based wealth manager early in March revealed a plan to issue B shares, which are reclaimed in cash. The return equates to 20 pence per share for shareholders on UK share register. For shareholders on South African share register, this equates to a return of 401.33 rand cents apiece.
Shareholders approved this plan at an annual general meeting on May 12.
The B shares will not be listed or admitted to trading on the London Stock Exchange and the Johannesburg Stock Exchange. The these shares will redeemed on Tuesday.
Quilter also said the share consolidation and admission of the new shares to the premium listing segment of the LSE's Main Market for listed securities are due to take place on Monday.
The admission of the new shares to the JSE is also due to take place this Monday.
The consolidation ratio is seven existing shares of 7 pence each for six new shares of 8 1/6p each.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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