Abrdn, the Edinburgh-based investment giant, has announced the start of a share repurchase programme of up to £150 million, which is being undertaken by J.P. Morgan Securities plc.
Abrdn shares rose about 4% to around £2.12 to give the group a current stock market value of about £4.25 billion. The company’s shares are up about 13% year to date.
Abrdn said on May 31 it has sold its remaining £198 million stake in HDFC Life, a long-term life insurance provider in India.
In a stock exchange statement on Monday, Abrdn said: “The purchase of shares will take place during the period commencing on 5 June 2023 and ending no later than 5 September 2023.
“Any purchase of shares made in relation to the 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 programme is to reduce the share capital of the company. All Shares purchased will be cancelled.”