Quilter to buy back 15.8 million shares via odd-lot offer

Quilter PLC - London-based wealth manager - Intends to buy back 15.8 million own shares from odd-lot holders. The odd-lot offer, first announced in September, closed on Friday and payment will be made on November 27. The company offered 88.10 pence to investors in London and ZAR20.08 shareholders in Johannesburg. Following a six for seven share consolidation, the number of shareholders holding fewer than 200 shares has increased. It has more than 200,000 shareholders on the share register, of which about 134,000, or 67%, are small shareholders.

Quilter says shareholder base will reduce by 60% following the implementation of the odd-lot offer. This will lower administrative costs, including the costs of printing and distributing financial statements, circulars and notices, it says.

Current stock price in London: 91.00 pence, down 2.3% on Thursday

12-month change: down 12%

Current stock price in Johannesburg: ZAR20.69, up 0.2%

12-month change: down 1.5%

By Artwell Dlamini, Alliance News reporter

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