B.P. Marsh seeks shareholder nod for share buyback plan

LONDON - B.P. Marsh & Partners Plc, a specialist investor in early-stage financial services businesses, has called for a General Meeting to seek shareholder approval for a new share buyback authority and a waiver under Rule 9 of the Takeover Code. The meeting is scheduled for Monday at 10:00 a.m. at 1 Cornhill, London.

The proposed authority would allow the company to repurchase up to 3,710,000 of its ordinary shares, which represents 10% of its issued share capital. This buyback program, if approved, could be active until July 31, 2026, or the conclusion of the company’s 2026 annual general meeting, whichever comes first.

The company has previously received shareholder approval for share buybacks, with the most recent authority granted at the Annual General Meeting on July 23, 2024. This led to the initiation of the current share buyback program on April 17, 2025.

To facilitate the buyback without triggering a mandatory takeover offer, B.P. Marsh has consulted with the Takeover Panel. The Panel has conditionally agreed to waive the requirement for the Brian Marsh Concert Party to make a mandatory offer under Rule 9 of the Takeover Code, provided the concert party’s aggregate shareholding does not exceed 42.5% of the ordinary shares in issue, excluding treasury shares.

The Independent (LON:IOG) Directors of B.P. Marsh believe the buyback program and the waiver are in the best interests of the company and its shareholders. They have recommended that shareholders vote in favor of the resolutions. Panmure Liberum, the company’s independent financial adviser, has also advised that the terms of the proposals are fair and reasonable.

The company’s last reported net asset value per ordinary share was 690.8 pence as of July 31, 2024. In its trading update for the fiscal year ending January 31, 2025, B.P. Marsh reported a strong performance with completed disposals and new investments contributing to a robust financial position. The company also declared a special dividend following the receipt of deferred consideration from a previous disposal.

The outcome of the General Meeting will determine the company’s ability to proceed with the proposed share buyback program. This announcement is based on a press release statement issued by the company.

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