Business
Launch of third share buyback programme of £30m
Launch of third share buyback programme of £30m.
About this update from Tp Icap Group Plc
[{"type":"text","content":"\n\n7 August 2024\n \nTP ICAP Group plc \n\n \n Announcement of third share buyback programme of £30 million\n \nFollowing the imminent completion of its second buyback programme of £30 million (the \"Second Buyback\"), TP ICAP Group plc (the \"Company\" or \"TP ICAP\") announces that it will commence a third share buyback programme, starting once the Second Buyback completes, of TP ICAP's ordinary shares of 25p each (the \"Ordinary Shares\") for a maximum consideration of £30 million (the \"Third Buyback\", together with the First and Second 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.\n \nAs at 6 August 2024 the Company had bought back 13,320,585 million Ordinary Shares for a gross consideration of £28.9 million out of the £30 million, under the Second Buyback.\n \nThe Third 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. The Group is committed to releasing more cash for further capital returns, debt reduction, and ongoing business investment, including targeted M&A, where appropriate.\n \nTP ICAP is cash generative with a prudent capital management framework and the Board believes the Third 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 debt.\n \nIn line with the Company's clear dividend policy (a 50% pay-out ratio of adjusted post-tax earnings), it will pay an interim 2024 dividend of 4.8 pence per share, in line with the first half of 2023. The interim dividend will be paid to eligible shareholders on 8 November 2024, with an ex-dividend and record date of 3 October 2024 and 4 October 2024, respectively.\n \nIn addition to the Buybacks, we are launching a new three-year programme to release at least £50m of surplus cash through more legal entity consolidations, and generate £50m of annualised cost savings through more operational efficiency init...