B.P. Marsh & Partners PLC commences an Equity Buyback Plan for 3,746,600 shares, representing 10.02% of its issued share capital, under the authorization approved on July 26, 2023.
November 20, 2023 at 06:45 am EST
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B.P. Marsh & Partners PLC (AIM:BPM) commences share repurchases on November 20, 2023, under the program mandated by the shareholders in the Annual General Meeting held on July 26, 2023. As per the mandate, the company is authorized to repurchase up to 3,746,600 shares, representing 10.02% of its issued share capital. The minimum price, exclusive of expenses, which may be paid, is £0.10 per share. The maximum price which may be paid for any such ordinary share is the higher of 5% above the average of the middle market quotations for the ordinary shares in the company as derived from the London Stock Exchange Daily Official List for the 5 business days immediately preceding the date on which such ordinary shares are purchased and the amount stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation 2003. The repurchased shares will be held in treasury or cancelled. The shares so held in treasury may also be used for employee share schemes. The plan will be valid up to the conclusion of the next Annual General Meeting of the company or, if earlier, close of business on the date July 31, 2024. As on June 20, 2023, the company had 37,380,066 shares in issue and 85,934 shares in its treasury.
On November 14, 2023, the company announced a share repurchase program. The company entered into an agreement with its broker to repurchase up to £0.5 million worth of its shares. The shares will be repurchased at a price representing a discount of at least 20% to the most recently announced NAV per share of 567.3p. The repurchased shares will be held in treasury for later reissue or cancellation. The plan will be valid till December 21, 2023.
B.P. Marsh & Partners Plc is a United Kingdom-based specialist investor in early stage and growing financial services intermediary businesses. The Company invests in various business, including insurance intermediaries, financial advisors, wealth and fund managers and specialist advisory and consultancy firms. The Company invests amounts of up to £5m in the first round. The investment stage ranges from start up to more developed. Its investments are in the Insurance Intermediary sector. Its Insurance Intermediary investments are separated into two areas, including insurance brokers and underwriting agencies/managing general agents (MGAs). The Companyâs subsidiaries include B.P. Marsh & Company Limited, Marsh Insurance Holdings Limited and B.P. Marsh (North America) Limited, which provides investment related services. The Company consider investment opportunities based in the United Kingdom, Europe, North America and Internationally.
B.P. Marsh & Partners PLC commences an Equity Buyback Plan for 3,746,600 shares, representing 10.02% of its issued share capital, under the authorization approved on July 26, 2023.