Abrdn asks shareholders to OK increased buybacks

Edinburgh investment giant Abrdn has announced it will ask shareholders for permission to increase the amount of shares it can buy back from 10% of its issued share capital to 14.99%. 

Abrdn said its 2023 AGM will be held at the Assembly Rooms, 54 George Street, Edinburgh, on May 10 at 2pm.

Abrdn shares have bounced back about 54% over the past six months.

In a stock exchange statement, Abrdn said: “Pursuant to Listing Rule 12.4.4, the company announces that the annual resolution relating to the general authorisation to make market purchases of the company’s own ordinary shares, which it intends to propose at the 2023 AGM, is seeking an increased authority. 

“As previously announced, the board is committed to using share buybacks to return a significant proportion of the capital generated from further sales of its stakes in listed companies. 

“The proposed resolution increases the current 10% authority approved by shareholders at the 2022 annual general meeting to 14.99% of the issued share capital of the company and is intended to provide the board with additional flexibility to manage the company’s share capital and make returns to shareholders.”