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LONDON - B.P. Marsh & Partners Plc (AIM:BPM), a venture capital firm specializing in early-stage financial services businesses, has announced the commencement of a new share buyback program. This initiative, which replaces the previous buyback program announced on June 11, 2024, will be conducted through a non-discretionary agreement with Singer Capital Markets, who will independently manage the repurchase of the company’s Ordinary Shares.
The program allows for a maximum expenditure of £2 million and will operate within certain pre-set parameters. Singer Capital Markets will have the autonomy to make trading decisions during close periods, with the repurchase transactions occurring in the open market based on prevailing market conditions, share price, and trading volume.
The price paid for each Ordinary Share will not exceed either 5% above the average middle market quotations for the five business days before the purchase or the higher of the last independent trade price and the highest current independent purchase bid.
The repurchased shares may be held in treasury, where they will not be entitled to dividends or voting rights, and can be reissued or cancelled at B.P. Marsh’s discretion.
The current authority to buy back up to 3,723,283 Ordinary Shares was granted at the Annual General Meeting on July 23, 2024, and will remain valid until the 2025 AGM or July 31, 2025, whichever comes first. The company has already repurchased 93,570 Ordinary Shares under this authority. B.P. Marsh anticipates seeking further shareholder approval to renew this authority for another approximate twelve months.
The objective of the share buyback program is to reduce the company’s share capital. B.P. Marsh has confirmed that there is no unpublished price-sensitive information at this time.
Regulatory announcements regarding the repurchases will be made in compliance with the UK’s Market Abuse Regulation and the AIM Rules for Companies.
This new share buyback initiative is based on a press release statement from B.P. Marsh & Partners Plc.
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