REG - TP ICAP Group plc - Launch of fourth share buyback programme of £30m

TP IcapAnnouncement

11/03/2025 07:15

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RNS Number : 0951A  TP ICAP Group plc  11 March 2025

TP ICAP Group plc

LEI: 2138006YAA7IRVKKGE63

11 March 2025

 

TP ICAP Group plc

Announcement of fourth share buyback programme of £30 million

 

Following the completion of its third buyback programme of £30 million in
January 2025  (the "Third Buyback"), TP ICAP Group plc (the "Company" or "TP
ICAP") announces that it will commence a fourth share buyback programme,
starting today, of TP ICAP's ordinary shares of 25p each (the "Ordinary
Shares") for a maximum consideration of £30 million (the "Fourth Buyback",
together with the First, Second and Third Buyback, the "Buybacks"), in order
to reduce the capital of the Company and/or meet obligations under employee
share schemes. Ordinary Shares purchased under the Buybacks that are not
cancelled will have their rights to dividend receipt waived by the Company.

 

TP ICAP is cash generative with a prudent capital management framework. The
Fourth Buyback highlights the Board's continued confidence in the future
prospects of TP ICAP, reflects its strong financial position, and is
consistent with its dynamic capital management strategy, which is a key
priority. TP ICAP is committed to releasing more cash for ongoing business
investment, including targeted M&A, where appropriate, debt reduction and
further capital returns.

 

In line with the Company's clear dividend policy (a 50% pay-out ratio of
adjusted post-tax earnings), the Board is recommending a final dividend of
11.3 pence per share, up 13%, which would bring the total 2024 dividend to
16.1 pence, an increase of 9%. The final dividend will be paid to eligible
shareholders on 23 May 2025, with an ex-dividend and record date of 10 April
2025 and 11 April 2025, respectively.

 

Any Ordinary Share purchases will be made by the Company within certain
pre-set parameters and in accordance with the general authority of the Company
to repurchase shares granted by shareholders at the Company's Annual General
Meeting held on 15 May 2024, which permits the Company to purchase no more
than 77,174,574 Ordinary Shares (or 10% of the Ordinary Shares in issue,
excluding Treasury Shares).

 

The Fourth Buyback will be conducted in compliance with Chapter 9 of the
Financial Conduct Authority's Listing Rules and with European Union (EU)
Regulation No 596/2014 ("MAR") and the MAR buyback technical standards
(Commission Delegated Regulation (EU) 2016/1052) (the "Technical Standards"),
both of which form part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018.

 

The Company will initially rely on the safe harbour conditions for trading set
out in Article 3(2) and Article 3(3) of the Technical Standards. However, if
the safe harbour conditions were to constrain the Company's ability to
purchase the Fourth Buyback within the targeted timeframe given, for example,
share illiquidity, the Company may subsequently decide and announce its
intention to trade outside of the safe harbour conditions.

 

The Company has entered into an agreement with Peel Hunt LLP ("Peel Hunt")
under which it has issued instructions (that are irrevocable during any closed
period) to Peel Hunt to manage the Fourth Buyback as "matched" principal. Peel
Hunt will carry out the Company's instructions through the acquisition of
Ordinary Shares for subsequent repurchase by the Company. This arrangement is
in accordance with Chapter 9 of the FCA's Listing Rules and the Company's
general authority to repurchase Ordinary Shares. Peel Hunt will make its
trading decisions independently of, and uninfluenced by, the Company during
any closed periods of the Company.

 

Peel Hunt will undertake transactions in Ordinary Shares on any available
trading venue or on an over-the-counter basis in order to execute the Fourth
Buyback. Disclosure of such transactions will not be made by Peel Hunt as a
result of or as part of the Fourth Buyback, but Peel Hunt will continue to
make any disclosures it is otherwise legally required to make.

 

Details of any and all purchases made under the Fourth Buyback will be
provided via RNS announcements by no later than 7.30 a.m. on the business day
following the calendar day on which the purchase occurred and also published
in the regulatory news section of the Company's website.

 

 

Forward looking statements

 

This document contains forward looking statements with respect to the
financial condition, results and business of the Company. By their nature,
forward looking statements involve risk and uncertainty and there may be
subsequent variations to estimates. The Company's actual future results may
differ materially from the results expressed or implied in these
forward-looking statements.

 

 

Enquiries:

 

Group Company Secretary
Vicky Hart
Email: companysecretarial@tpicap.com

Analysts and investors
Dominic Lagan
Direct: +44 (0) 20 3933 0447

Email: dominic.lagan@tpicap.com (mailto:dominic.lagan@tpicap.com)
 

Media
Richard Newman
Direct: +44 (0) 7469 039 307

Email: richard.newman@tpicap.com

 

 

About TP ICAP

 

 ·   TP ICAP connects buyers and sellers in global financial, energy and
     commodities markets.
 ·   We are the world's leading wholesale market intermediary, with a portfolio of
     businesses that provide broking services, data & analytics and market
     intelligence, trusted by clients around the world.
 ·   We operate from more than 60 offices across 28 countries, supporting brokers
     with award-winning and market-leading technology.

 

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