Business
Launch of Odd-lot Offer
Launch of Odd-lot Offer.
About this update from Quilter Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE\n18 September 2023\nQuilter plc\n \nLaunch of Odd-lot Offer\n \nQuilter plc (\"Quilter\" or the \"Company\") announces that it has today launched an Odd-lot Offer, pursuant to which shareholders holding fewer than 200 ordinary shares in Quilter (the \"Odd-lot Holders\") will be offered the opportunity to sell their shares at a 5% premium to the market price.\n \nBackground and reasons for the Odd-lot Offer\nAt the Company's Annual General Meeting held on Thursday 18 May 2023 (the \"2023 AGM\"), shareholders authorised the Directors to make and implement an Odd-lot Offer at any time within the 18 month period following the 2023 AGM.\nThe history of the Company, which includes the original demutualisation and listing of Old Mutual plc in 1999 and the managed separation of the Company from Old Mutual plc implemented on 25 June 2018, has resulted in it having an unusually large number of small shareholders for a company of its size. The Company carried out an Odd-lot Offer in the first half of 2020 for shareholders holding fewer than 100 shares. However, following a six for seven Share Consolidation, which took place in May 2022, the number of shareholders holding fewer than 200 shares has increased. Quilter still has more than 200,000 shareholders on the share register, of which approximately 134,000 (67%) are small shareholders who hold fewer than 200 ordinary shares and, in aggregate, represent 1.21% of the total number of ordinary shares in issue.\nThe recurring costs of administration resulting from the relatively large number of shareholders (including elevated printing and postage costs) are disproportionate to the size of a small shareholding and affect shareholders as a whole. By carrying out an Odd-lot Offer, the Directors will be able to engage with active shareholders, and help them to manage their shares efficiently and support those Odd-lot Holders who wish to divest themselves of their shares at a 5% premium.\nELIGIBLE SHAREHOLDERS CAN ELECT TO RETAIN THEIR SHAREHOLDING IN QUILTER, IF THEY CHOOSE.\nThe maximum number of ordinary shares eligible to participate in the Odd-lot Offer is approximately 17 million, representing 1.21% of the ordinary shares in issue as at Friday 15 September 2023. If all eligible Odd-lot Holders were to participate in the Odd-lot Offer...