Quilter PLC

Transaction in Own Shares • Apr 7, 2021

National Storage Mechanism | Additional information

RNS Number : 5812U

Quilter PLC

07 April 2021

7 April 2021

Quilter plc

Share buyback programme update

In connection with the capital return of up to £375 million announced on 2 January 2020, Quilter plc (the Company) initiated a share buyback programme (the Programme) on 11 March 2020 to purchase shares with a value of up to £375 million in order to reduce the share capital of the Company, subject to remaining within certain pre-set parameters.  As previously indicated, the Programme is subject to staged regulatory approval and the Board will continue to keep the programme under review to make sure it remains the most efficient and effective means of returning capital to shareholders.

Repurchases to date total £175 million of which £90 million were conducted on the London Stock Exchange and £85 million were conducted on the Johannesburg Stock Exchange. To date, 132.5 million Quilter shares have been acquired, and cancelled, at an average price of 132 pence.

Following Prudential Regulation Authority approval for a third tranche of repurchases of up to £100 million, the Company has entered into various agreements with Goldman Sachs International (GSI) under which it has issued an irrevocable instruction for GSI to manage the next tranche of the programme of up to £50 million ("Tranche 3a"), and the Company's implementation of the remaining £50 million of Company share repurchases shall remain subject to further consideration of the Company at a later date ("Tranche 3b").

Company shares will be purchased on UK trading venues including the London Stock Exchange ("UK Exchanges"), and on the Johannesburg Stock Exchange ("JSE"). The maximum consideration payable by the Company under Tranche 3a of the Programme is approximately up to £50 million in aggregate with a minimum of £10 million being purchased by the Company on each of (i) the UK Exchanges and (ii) the JSE.  GSI will carry out the instruction during the period starting on 7 April 2021 and ending no later than 29 June 2021 (the Purchase Period) for the acquisition of ordinary shares in the Company for subsequent repurchase by the Company. 

Any Company shares repurchased on the UK Exchanges under Tranche 3a of the Programme will be effected in accordance with Chapter 12 of the Listing Rules of the Financial Conduct Authority, the Market Abuse Regulation 596/2014 (as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019) and the Company's authorities to repurchase Company shares. Any Company shares repurchased on the JSE under Tranche 3a of the Programme will be effected in accordance with the Company's authorities to repurchase shares. The repurchase of Company shares may be discontinued in the event the Company ceases to have the necessary authorities to repurchase ordinary shares.

The Company will cancel the repurchased Company shares.

GSI and/or its affiliates may undertake transactions in Company shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Purchase Period in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by GSI and/or its affiliates as a result of or as part of the Programme, but GSI and/or its affiliates will continue to make any disclosures it is otherwise legally required to make. GSI may effect purchases of Company shares on the Johannesburg Stock Exchange through one or more of its affiliates or any broker-dealer authorised to trade on the JSE.

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Enquiries:

John-Paul Crutchley - Head of Investor Relations	Tel: +44 (0)7741 385 251
Jane Goodland - Corporate Affairs Director	Tel: +44 (0)7790 012 066
Patrick Gonsalves - Company Secretary	Tel: +44 (0)7391 867 081

About Quilter plc

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £117.8 billion in customer investments (as at 31 December 2020).

It has an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial planning businesses (Quilter Private Client Advisers, Quilter Financial Planning and Quilter Financial Advisers), the discretionary fund management business (Quilter Cheviot) and the Multi-asset investment solutions business (Quilter Investors). Wealth Platforms includes the Old Mutual Wealth UK Platform and Quilter International, including AAM Advisory in Singapore.  

Since its IPO in June 2018, the Group's businesses have progressively re-branded to Quilter. The UK Platform is the final business to rebrand and this is expected to occur by mid-2021. The descriptor for the re-branded businesses are:

Previous	New
Intrinsic	Quilter Financial Planning
Old Mutual Wealth Private Client Advisers	Quilter Private Client Advisers
Quilter Investors	Quilter Investors
Quilter Cheviot	Quilter Cheviot
UK Platform	Quilter Investment Platform
International	Quilter International

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