Business
Launch of share buyback programme of £30 million
Launch of share buyback programme of £30 million.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n\nTP ICAP Group plc\nLEI: 2138006YAA7IRVKKGE63\n9 August 2023\n \n \nTP ICAP Group plc \n\nLaunch of share buyback programme of £30 million\n \nTP ICAP Group plc (the \"Company\" or \"TP ICAP\") announces that it will commence a 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 \"Buyback\"), in order to reduce the capital of the Company and/or meet obligations under employee share schemes. Ordinary Shares purchased under the Buyback that are not cancelled will have their rights to dividend receipt waived by the Company.\n \nThe Buyback highlights the Board's confidence in the future prospects of TP ICAP, reflects its strong financial position and is consistent with its dynamic capital management strategy. It is being funded by a range of initiatives, following the Jersey re-domiciliation in February 2021, and cash generation.\n \nTP ICAP is cash generative with a prudent capital management framework and the Board believes the Buyback strikes the appropriate balance between the continued and substantial investment in the Company's organic prospects such as Fusion, Liquidnet Credit, and Parameta Solutions alongside reducing net debt at a time when interest rates are high, and the Company's clear dividend policy of a 50% pay-out ratio of adjusted post-tax earnings for the year as whole. An interim dividend per share of 4.8 pence, up 7%, will be paid on 3 November 2023 to eligible shareholders. \n \nIn addition to the Buyback, we are also pleased to report that we have freed up £100 million of cash to pay down debt six months ahead of schedule.\n \nSubject to the Company's balance sheet and business investment opportunities, the Board will continue to assess opportunities to free up cash and pay down more debt, and/or return further capital to shareholders.\n \nAny 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 17 May 2023, which permits the Company to purchase no more than 78,867,093 ordinary shares (or 10% of the issued share capital).\n \nThe Buyback will be conducted in compliance with Chapter...