TP ICAP Group plc
LEI: 2138006YAA7IRVKKGE63
11 March 2025
TP
ICAP Group plc
Announcement of
fourth share buyback programme of £30 million
Following the completion of its third buyback
programme of £30 million in January 2025 (the "Third
Buyback"), TP ICAP Group plc (the "Company" or "TP ICAP") announces
that it will commence a fourth share buyback programme, starting
today, of TP ICAP's ordinary shares of 25p each (the "Ordinary
Shares") for a maximum consideration of £30 million (the "Fourth
Buyback", together with the First, Second and Third Buyback, the
"Buybacks"), in order to reduce the capital of the Company and/or
meet obligations under employee share schemes. Ordinary Shares
purchased under the Buybacks that are not cancelled will have their
rights to dividend receipt waived by the Company.
TP ICAP is cash generative with a prudent
capital management framework. The Fourth Buyback highlights the
Board's continued confidence in the future prospects of TP ICAP,
reflects its strong financial position, and is consistent with its
dynamic capital management strategy, which is a key priority. TP
ICAP is committed to releasing more cash for ongoing business
investment, including targeted M&A, where appropriate, debt
reduction and further capital returns.
In line with the Company's clear dividend policy
(a 50% pay-out ratio of adjusted post-tax earnings), the Board is
recommending a final dividend of 11.3 pence per share, up 13%,
which would bring the total 2024 dividend to 16.1 pence, an
increase of 9%. The final dividend will be paid to eligible
shareholders on 23 May 2025, with an ex-dividend and record date of
10 April 2025 and 11 April 2025, respectively.
Any Ordinary Share purchases will be made by the
Company within certain pre-set parameters and in accordance with
the general authority of the Company to repurchase shares granted
by shareholders at the Company's Annual General Meeting held on 15
May 2024, which permits the Company to purchase no more than
77,174,574 Ordinary Shares (or 10% of the Ordinary Shares in issue,
excluding Treasury Shares).
The Fourth Buyback will be conducted in
compliance with Chapter 9 of the Financial Conduct Authority's
Listing Rules and with European Union (EU) Regulation No 596/2014
("MAR") and the MAR buyback technical standards (Commission
Delegated Regulation (EU) 2016/1052) (the "Technical Standards"),
both of which form part of Retained EU Law as defined in the
European Union (Withdrawal) Act 2018.
The Company will initially rely on the safe
harbour conditions for trading set out in Article 3(2) and Article
3(3) of the Technical Standards. However, if the safe harbour
conditions were to constrain the Company's ability to purchase the
Fourth Buyback within the targeted timeframe given, for example,
share illiquidity, the Company may subsequently decide and announce
its intention to trade outside of the safe harbour
conditions.
The Company has entered into an agreement with
Peel Hunt LLP ("Peel Hunt") under which it has issued instructions
(that are irrevocable during any closed period) to Peel Hunt to
manage the Fourth Buyback as "matched" principal. Peel Hunt will
carry out the Company's instructions through the acquisition of
Ordinary Shares for subsequent repurchase by the Company. This
arrangement is in accordance with Chapter 9 of the FCA's Listing
Rules and the Company's general authority to repurchase Ordinary
Shares. Peel Hunt will make its trading decisions independently of,
and uninfluenced by, the Company during any closed periods of the
Company.
Peel Hunt will undertake transactions in
Ordinary Shares on any available trading venue or on an
over-the-counter basis in order to execute the Fourth Buyback.
Disclosure of such transactions will not be made by Peel Hunt as a
result of or as part of the Fourth Buyback, but Peel Hunt will
continue to make any disclosures it is otherwise legally required
to make.
Details of any and all purchases made under the
Fourth Buyback will be provided via RNS announcements by no later
than 7.30 a.m. on the business day following the calendar day on
which the purchase occurred and also published in the regulatory
news section of the Company's website.
Forward
looking statements
This document contains forward looking
statements with respect to the financial condition, results and
business of the Company. By their nature, forward looking
statements involve risk and uncertainty and there may be subsequent
variations to estimates. The Company's actual future results may
differ materially from the results expressed or implied in these
forward-looking statements.
Enquiries:
Group Company
Secretary
Vicky
Hart
Email:
companysecretarial@tpicap.com
Analysts and
investors
Dominic
Lagan
Direct: +44 (0) 20 3933
0447
Email: dominic.lagan@tpicap.com
Media
Richard Newman
Direct: +44 (0)
7469 039 307
Email:
richard.newman@tpicap.com
About TP
ICAP
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TP ICAP connects buyers and sellers in global
financial, energy and commodities markets.
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We are the world's leading wholesale market
intermediary, with a portfolio of businesses that provide broking
services, data & analytics and market intelligence, trusted by
clients around the world.
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We operate from more than 60 offices across 28
countries, supporting brokers with award-winning and market-leading
technology.
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