On Monday, Quilter plc (QLT.L), a wealth management company, announced that it has entered into various agreements with Goldman Sachs International to manage the second tranche of up to 30 million pounds of its previously announced share buyback programme.
The company commenced its programme to purchase shares worth up to 100 million pounds in March to reduce the share capital of the company.
So far, 40 million pounds worth shares have been repurchased, comprising 32 million pounds of repurchases conducted on the London Stock Exchange, and 8 million pounds conducted on the Johannesburg Stock Exchange. To date, 22 million Quilter shares have been acquired and cancelled, at an average price of 181 pence.
As per the latest agreements, Goldman Sachs will carry out the company instruction during the period starting June 22 and ending on September 30.
Under the second tranche, the maximum aggregate purchase price payable by the company would be up to 30 million pounds, and the maximum shares to be purchased would be 133.62 million. The company will cancel the repurchased Company shares.
The Board of Directors will continue to keep the Programme under review to make sure it remains the most efficient and effective means of returning capital to shareholders.
On the London Stock Exchange, the shares were trading 1.41 percent lower at 189.10 pence.
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