Quilter PLC - London-based wealth manager - Completes sale of Quilter International to Utmost Group PLC for about GBP480 million.
Company intends to retain GBP90 million from sale proceeds to fund its "simplification" plans and to undertake selected investment to support longer-term revenue generating initiatives.
"Quilter is currently minded to return the remaining GBP350 million to shareholders," it adds. Says this will either be through a special dividend or through issue of B shares.
Chief Executive Paul Feeney says: "Three years on from our listing, the sale of Quilter International completes the reshaping of our corporate perimeter. We have simplified our operating model and removed businesses that weighed on our growth trajectory. The proposed GBP350 million return to shareholders following the sale of Quilter International will take the special returns we have made to our shareholders since listing to around GBP1 billion.
"We are excited about our plans to grow our business, increase operating efficiency and to deliver our target of more than doubling operating profits by 2025 as a modern, UK-centric, focused wealth manager."
Current stock price: 139.60 pence in London; ZAR30.04 in Johannesburg
Year-to-date change: down 9.1% in London; down 2.3% in Johannesburg
By Paul McGowan; paulmcgowan@alliancenews.com
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Quilter (QLT)