TP ICAP to launch fifth £30 million share buyback program

LONDON - TP ICAP (LON:NXGN) Group plc announced Wednesday it will commence a fifth share buyback program worth £30 million ($39.4 million) after completing its current fourth buyback initiative of the same amount.

The interdealer broker stated that the new buyback will begin immediately following the completion of the fourth program, which has already purchased 10.5 million ordinary shares for approximately £28 million as of August 4, 2025.

According to the company’s press release statement, the repurchased shares will be used to reduce the company’s capital and/or meet obligations under employee share schemes. Shares purchased that are not cancelled will have their dividend rights waived.

The buyback will be conducted within parameters set by shareholder approval at the company’s Annual General Meeting on May 14, 2025, which permits repurchasing up to 75.2 million ordinary shares, representing 10% of shares in issue.

Peel Hunt LLP will manage the buyback program as "matched principal" and make trading decisions independently of the company during any closed periods.

The company will execute the share repurchases in compliance with Financial Conduct Authority’s Listing Rules and relevant EU regulations that form part of Retained EU Law in the UK.

TP ICAP described itself as "cash generative with a prudent capital management framework" in its announcement. The company indicated the buyback reflects its financial position and aligns with its capital management strategy, which includes business investment, targeted acquisitions, debt reduction, and capital returns.

The company plans to provide details of all purchases made under the fifth buyback program via regulatory announcements on the business day following each purchase.

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