(Alliance News) - Quilter PLC on Thursday said it initiated the next tranche of its share buyback programme of up to GBP50 million.
The move is a part of a GBP375 million buyback programme launched in March to reduce the share capital of the mid-cap firm.
The wealth manager said repurchases to date total GBP225 million of which GBP122 million were conducted on the London Stock Exchange and GBP103 million on the Johannesburg Stock Exchange.
To date, 163.5 million Quilter shares have been acquired, and cancelled, at an average price of 137.7 pence per share.
Quilter shares were trading 0.1% higher in London on Thursday at 156.10p each, while in Johannesburg, the stock was down 0.2% at ZAR30.23 a share.
Following Prudential Regulation Authority approval for a third tranche of repurchases of up to GBP100 million, of which GBP50 million was executed by Goldman Sachs International, Quilter said it has entered into various agreements with JPMorgan Securities PLC and JPMorgan Equities South Africa Pty Ltd under which the brokers will manage the next tranche of the programme of up to GBP50 million.
Quilter will cancel the repurchased shares, it said.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Quilter (QLT)