Proposed Buyback
B.P. Marsh plans to buy back up to 0.8 million shares at 650 pence per share from Ardonagh Group subsidiary.
- Proposed buyback shares approximately 0.8 million shares
- Buyback price 650 pence per share
- Placing shares by seller approximately 3.6 million shares
- Seller shareholding approximately 9.8% of issued share capital
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The Company notes the announcement issued earlier today by PSC UK Pty Ltd (the "Selling Shareholder"), a wholly owned subsidiary company of the Ardonagh Group, in which it announced its intention to sell its entire shareholding of approximately 3.6 million ordinary shares in the Company (the "Placing Shares") at a price of 650 pence per Placing Share by way of an accelerated bookbuild to institutional investors (the "Placing"). The Placing Shares represent approximately 9.8% of the Company's issued share capital.
The Company has notified the Selling Shareholder of its intention to participate in the Placing for up to 769,231 Placing Shares (the "Proposed Buyback") at the placing price. The Proposed Buyback will be conducted in accordance with the Company's existing buyback authority (the "Authority") granted at its General Meeting held on 2 June 2025 (the "General Meeting").
Given the strength of the Company's balance sheet and the prevailing circumstances, the Board believes the Proposed Buyback is a good use of the Company's significant cash balances and expects the Proposed Buyback to be accretive to the Company's net asset value per share and in the best interest of all shareholders.
The Company will not receive any proceeds from the Placing.
A further announcement will be made if and when appropriate.
| B.P. Marsh & Partners Plc Brian Marsh OBE / Alice Foulk | +44 (0)20 7233 3112 |
| Nominated Adviser & Joint Corporate Broker: Panmure Liberum Limited David Watkins / Atholl Tweedie / Amrit Mahbubani | +44 (0)20 7886 2500 |
| Joint Corporate Broker: Singer Capital Markets Advisory LLP Charles Leigh Pemberton / Asha Chotai | +44 (0)20 7496 3000 |
| Financial PR & Investor Relations: Tavistock Simon Hudson / Katie Hopkins / Kuba Stawiski | bpmarsh@tavistock.co.uk +44 (0)20 7920 3150 |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.