B.P. Marsh & Partners PLC Shares Cancellation & New Share Buy-Back Programme (3067T)
14 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMBPM
RNS Number : 3067T
B.P. Marsh & Partners PLC
14 November 2023
14 November 2023
B.P. Marsh & Partners Plc
B.P. Marsh & Partners Plc ("B.P. Marsh" or the
"Company")
Cancellation of Shares and New Share Buy-Back Programme
Cancellation of Shares
B.P. Marsh today announces that on 9 November 2023 it cancelled
178,000 ordinary shares of 10p each ("Ordinary Shares"). These
shares were previously held in treasury, taking the total number of
shares held by the Company in Treasury to 60,097 shares.
As a result of the cancellation, the total number of Ordinary
Shares in issue is 37,288,000 and the total number of Voting Rights
in B.P. Marsh is 37,227,903. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interest
in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
New Share Buy-Back Programme
B.P. Marsh today announces that it will undertake a share
buy-back programme of a maximum aggregate consideration of
GBP500,000, and subject to the Ordinary Shares being available to
purchase at a price representing a discount of at least 20% to the
most recently announced NAV per share of 567.3p (the "Share Buyback
Programme").
The Company is of the view that the previous Buyback programme
that it operated between 16 January 2023 and 29 September 2023 was
a successful and value accretive initiative, and one which it would
like to continue for the remainder of the year.
The Company has appointed its corporate broker, Panmure Gordon
(UK) Limited ("Panmure Gordon") to manage the Share Buyback
Programme to repurchase Ordinary Shares on its behalf from today's
date until 21 December 2023.
The Company has entered into an irrevocable commitment with
Panmure Gordon to continue the Share Buyback Programme through a
non-discretionary programme, repurchasing the Company's Ordinary
Shares on its behalf, and within certain defined parameters.
Panmure Gordon will make trading decisions in relation to the
buyback of Ordinary Shares independently of the Company within the
programme terms.
Share repurchases will take place in open market transactions
and may be made from time to time depending on market conditions,
share price, trading volume and other terms. The maximum price paid
per Ordinary Share will be no more than the higher of the price of
the last independent trade and the highest current independent
purchase bid for Ordinary Shares on the trading venue where the
purchase is carried out. Under the Share Buyback Programme, the
repurchased shares will be held in treasury at the Company's
discretion for later reissue or cancellation. Shares held in
treasury are not entitled to dividends and have no voting rights at
the Company's general meetings.
The Share Buyback Programme will operate in accordance with the
Company's general authority to purchase a maximum of 3,746,600
Ordinary Shares (the "Authority"), granted by its shareholders at
the Annual General Meeting of the Company held on 26 July 2023
(since when the Company has repurchased 80.199 Ordinary Shares
pursuant to the Authority). The purpose of the Share Buyback
Programme is to reduce the Company's share capital. The Share
Buyback Programme will be conducted within the parameters of the
Market Abuse Regulation 596/2014/EU and the delegated regulations
made pursuant to it. The Company confirms that it currently has no
unpublished price sensitive information.
The Company will make further regulatory announcements in
respect of repurchases of Ordinary Shares as required by UK MAR and
the AIM Rules.
This announcement contains information which, prior to its
disclosure, was inside information.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Amrit Mahbubani / Stephen
Jones / Ailsa MacMaster +44 (0)20 7886 2500
Financial PR & Investor Relations
Tavistock bpmarsh@tavistock.co.uk
Simon Hudson / Tim Pearson / Katie Hopkins +44 (0)20 7920 3150
Notes to Editors:
B.P. Marsh's current portfolio contains fourteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk .
Since formation over 30 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for approaching ten years.
- Ends -
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