REG - B.P. Marsh &Partners - Shares Cancellation & New Share Buy-Back Programme

B.P. Marsh & PartnersAnnouncement

14/11/2023 07:15

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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 £500,000, 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 (http://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
(http://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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