Picture: 123RF/CHATTRAWUTT HANJUKKAM
Picture: 123RF/CHATTRAWUTT HANJUKKAM

London-based Quilter, Old Mutual’s former wealth management business, has announced a further £50m (R1bn) in share repurchases as it continues to return capital to shareholders following the sale of Quilter Life Assurance.

Quilter announced an up to £375m share buyback programme in January, and has already repurchased £125m — £65m on the London Stock Exchange (LSE) and £60m on the JSE.

The next tranche of buybacks will begin on Tuesday, and run until no later than March 2021. A maximum of about £25m will be purchased on both the JSE and LSE.

Quilter listed on the JSE and the LSE in June 2018, and is using the proceeds of its sale of Quilter Life Assurance in December 2019 to return capital to shareholders.

To date, 96.5-million Quilter shares have been acquired, and cancelled, at an average price of 129.5 pence. This represents about 5% of the number of shares in issue as of the end of December.

In morning trade on Tuesday, Quilter's share was down 0.21% to R28.79, having fallen about 1.74% so far in 2020.

gernetzkyk@businesslive.co.za

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