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LONDON - B.P. Marsh & Partners Plc announced Wednesday its intention to buy back up to 769,231 of its own shares at 650 pence per share as part of a larger share sale by PSC UK Pty Ltd, a wholly owned subsidiary of the Ardonagh Group.
According to a press release statement, PSC UK Pty Ltd plans to sell its entire shareholding of approximately 3.6 million ordinary shares, representing about 9.8% of B.P. Marsh’s issued share capital, through an accelerated bookbuild to institutional investors.
B.P. Marsh will participate in this share placement by purchasing a portion of the offered shares. The company indicated the buyback will be conducted under its existing buyback authority granted at its General Meeting held on June 2, 2025.
The board of B.P. Marsh stated that given the strength of the company’s balance sheet, it believes the proposed buyback represents "a good use of the Company’s significant cash balances" and expects the transaction to be "accretive to the Company’s net asset value per share and in the best interest of all shareholders."
B.P. Marsh will not receive any proceeds from the overall share placement. The company noted that a further announcement regarding the buyback will be made when appropriate.
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