Cancellation of Shares & Buy-Back Programme Update
31 October 2024
B.P. Marsh & Partners Plc
("B.P. Marsh" or the "Company")
Cancellation of Shares and Buy-Back Programme Update
Cancellation of Shares
B.P. Marsh today announces that it has agreed to cancel 188,000 ordinary shares of 10p each ("Ordinary Shares"). These shares were previously held in Treasury, taking the total number of shares held by the Company in Treasury to 23,872 shares.
As a result of the cancellation, the total number of Ordinary Shares in issue is 37,100,000 and the total number of Voting Rights in B.P. Marsh is 37,076,128. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
Share Buy-Back Programme Update
As previously announced, the Company initiated a Share Buy-back programme (the "Programme") on 11 June 2024, permitting purchases up to a 15% discount to diluted Net Asset Value, (this threshold was subsequently upwardly revised to a 10% discount to diluted Net Asset Value with effect from 2 August 2024), with a £1m budget allocation.
Under the Programme to date 156,702 shares have been purchased, at an average price of £5.32, with £164,733 of the original £1m budget remaining. The Board considers that Programme has been successful, allowing the Company to purchase small yet consistent parcels of Shares where available in a NAV accretive way. Accordingly, in order to continue this endeavour, the Board has agreed to add a further £1m to the Programme, bringing the ongoing Share Buy-back budget allocation balance to £1.16m.
All other terms of the Programme remain unchanged.
The Company confirms that it currently has no unpublished price sensitive information.
The Company will make further regulatory announcements in respect of repurchases of Ordinary Shares as required by UK MAR and the AIM Rules.
This announcement contains information which, prior to its disclosure, was inside information.
For further information:
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For further information, please visit www.bpmarsh.co.uk or contact:
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B.P. Marsh & Partners Plc Brian Marsh OBE / Alice Foulk
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+44 (0)20 7233 3112 |
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Nominated Adviser & Joint Corporate Broker: Panmure Liberum Limited Atholl Tweedie / Amrit Mahbubani / Ailsa MacMaster
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+44 (0)20 7886 2500 |
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Joint Corporate Broker: Singer Capital Markets Advisory LLP Charles Leigh Pemberton / James Moat / Asha Chotai
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+44 (0)20 7496 3000 |
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Financial PR & Investor Relations: Tavistock Simon Hudson / Katie Hopkins |
+44 (0)20 7920 3150 |
Notes to Editors:
B.P. Marsh's current portfolio contains seventeen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.
Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for over ten years.
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