Edinburgh-based investment giant Abrdn has confirmed the completion of the first £150 million phase of its £300 million share repurchase programme which commenced on July 6, 2022.
Abrdn said in a stock exchange statement its capital resources remain strong, which enables the company to continue to return capital to shareholders in excess of business needs.
“The company announces today the start of the second phase of the repurchase programme of up to a further £150m of the company’s ordinary shares, which is being undertaken by J.P. Morgan Securities plc (JPMS plc) under the terms set out below,” said Abrdn.
“On 31 October 2022, the company entered into a non-discretionary instruction with JPMS plc in relation to the purchase by JPMS plc, acting as riskless principal, of up to 115,000,000 ordinary shares in the company’s share capital for an aggregate consideration of no greater than £150m.
“The purchase of Shares will take place during the period commencing on 31 October 2022 and ending no later than 31 January 2023.
“Any purchase of shares made in relation to the Phase 2 Programme will be executed in accordance with the UK Listing Rules and the company’s authority to make market purchases of shares and carried out on the London Stock Exchange and/or Cboe Europe (through the BXE and CXE order books).
“The company will announce any market repurchase of shares by no later than 7.30 a.m. (London time) on the exchange trading day following the calendar day on which the repurchase occurred.
“The purpose of the Phase 2 Programme is to reduce the share capital of the company.
“The company’s capital resources remain strong which enables the company to continue to return capital to shareholders in excess of business needs.
“All shares purchased will be cancelled.”