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LONDON - Rathbones Group PLC (LSE:RAT) announced Tuesday it has initiated a share buyback programme to repurchase its ordinary shares for a maximum consideration of £50 million, following its previous announcement on July 30.
The wealth management firm has entered into an irrevocable commitment with Merrill Lynch International to independently manage the programme. Merrill Lynch will purchase shares as riskless principal within defined parameters, for subsequent repurchase by Rathbones.
The buyback will operate within the limitations of the authority granted by shareholders at the company’s Annual General Meeting held on May 8. All purchased shares will be cancelled, with the stated purpose of reducing the company’s share capital.
Purchases will take place in open market transactions and will comply with relevant regulations, including the UK Market Abuse Regulation and Financial Conduct Authority rules. The timing and volume of purchases will depend on market conditions, share price, and trading volume.
Rathbones confirmed it currently has no unpublished price sensitive information and will announce any market repurchases no later than 7:30 a.m. on the business day following the transaction.
The company noted there is no guarantee the programme will be implemented in full. The announcement was made via a regulatory news service statement from Ali Johnson, Group Company Secretary.
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