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Quilter finalises odd-lot offer price and delays close date

20th Oct 2023 16:11

(Alliance News) - Quilter PLC on Friday finalised the price for its odd-lot offer and indicated it had delayed the close date of this repurchase.

The London-based wealth manager offers 88.10 pence to investors in London and ZAR20.08 shareholders in Johannesburg. This represents a 5% premium to the volume weighted average price over the five trading days before Friday.

The company launched its the odd-lot offer last month, but did not disclose the offer price then.

It wants to repurchase shares from shareholders owning fewer than 200 shares.

Odd-lot offer closes on November 10, a few days later than November 6 originally planned. Payment will be made on November 27.

Following a six for seven share consolidation, the number of shareholders holding fewer than 200 shares has increased. It has more than 200,000 shareholders on the share register, of which about 134,000, or 67%, are small shareholders.

Quilter said last month the recurring costs of administration resulting from the large number of shareholders are disproportionate to the size of a small shareholding and affect shareholders as a whole.

The maximum number of shares eligible to participate in the odd-lot offer is about 17 million, representing 1.21% of the shares in issue as at Friday last week.

If all odd-lot holders were to participate in the offer, the maximum cash consideration payable to such odd-lot holders, based on a closing price of 90.1 pence, would be up to around GBP16.1 million.

In London, shares in Quilter were down 0.5% at 76.89 pence on Friday afternoon. They lost 1.2% to ZAR17.73 in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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