TIDMBPM
RNS Number : 5949V
B.P. Marsh & Partners PLC
24 July 2018
Date: 24 July 2018
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", "the
Company" or "the Group")
B.P. Marsh & Partners Plc
Share Buy-Back Policy
B.P. Marsh & Partners Plc (AIM: BPM), the specialist venture
capital investor in early stage financial services businesses,
today announces the details of a share buyback policy.
The buy-backs are to be carried out pursuant to and in
accordance with the authority conferred by the Company's
shareholders at the Company's annual general meeting held on 18
July 2018 for up to a maximum of 3,071,365 issued ordinary shares
of 10 pence each in the Company ("Ordinary Shares"), during the
period commencing on the date of this announcement and ending on
the conclusion of the next annual general meeting of the Company
or, if earlier, at the close of business on 31 July 2019 (unless
previously revoked, renewed or varied) (the "Authority"). The
maximum amount of money allocated to the share buy-back at this
stage is GBP150,000.
Pursuant to, and during the term of, the Authority, the Company
may purchase Ordinary Shares provided that the maximum purchase
price is an amount not higher than: (i) 105 per cent. of the
average market value of the Ordinary Shares for the five business
days immediately preceding the date on which the Ordinary Shares
are purchased; and (ii) that stipulated by the Commission-adopted
Regulatory Technical Standards pursuant to article 5 (6) of the
Market Abuse Regulation (EU No.596/2014).
The Company remains committed to its previously stated objective
to reduce the share price discount to net asset value and reserves
the right to exercise the Authority and effect share buy-backs if,
in the opinion of the Company's directors, such action would
further enhance shareholder value.
It is the Company's custom and intention, when the share price
drops to more than 20% below its adjusted Net Asset Value per share
of 321p, to buy small parcels of Ordinary Shares and place them
into Treasury and decide at a later point what treatment to apply
to them.
The Company will announce any market purchase of Ordinary Shares
pursuant to the Authority without delay.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Charles Leigh-Pemberton +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains seventeen companies.
More detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk.
Since formation over 25 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for at least five years.
Prior to Brian Marsh's involvement in the Company, he spent many
years in insurance broking and underwriting in Lloyd's as well as
the London and overseas market. He has over 30 years' experience in
building, buying and selling financial services businesses,
particularly in the insurance sector.
Alice Foulk joined B.P. Marsh in September 2011 having started
her career at a leading Life Assurance company. In 2014 she took
over as Executive Assistant to the Chairman, running the Chairman's
Office and established herself as a central part of the management
team.
In February 2015 she was appointed as a Director of B.P. Marsh
and a member of the Investment Committee. In January 2016 Alice was
appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for
the overall performance of the Company and monitoring the Company's
overall progress towards achieving the objectives and goals of the
Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B.P. Marsh,
having been appointed as a Director in 2011. He joined the Company
in February 2007, following two years at an independent London
accountancy practice. Dan is the Senior Executive with overall
responsibility for the portfolio and investment strategy of B.P.
Marsh.
Dan graduated from the University of Durham in 2005 and is a
member of the Securities and Investment Institute and the Institute
of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and
Valuation Committees and currently serves as a Board Director
across the portfolio.
Camilla Kenyon (Millie) was appointed to the main Board in 2011,
following her appointment as Head of Investor Relations in 2009.
She has dual responsibilities within the Group, running both
Investor Relations and the New Business Department and is Chair of
the New Business Committee evaluating new investment
opportunities.
Millie is nominee director in one investee company and is a
member of the Investment Committee. She has over 20 years of
experience in the financial services industry, including numerous
Board appointments and is a Member of the Investor Relations
Society.
Jonathan Newman is a Chartered Management Accountant and is the
Group Director of Finance and has over 20 years' experience in the
financial services industry. Jon graduated from the University of
Sheffield with an honours degree in Business Studies and joined the
Group in November 1999, following two years at Euler Trade
Indemnity and two years at a Chartered Accountants. Jon is a Member
of the Chartered Global Management Accountants, the Chartered
Management Accountants and the Chartered Institute of Securities
and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited
in September 2001, and Group Finance Director in December 2003 and
was instrumental in the admission of the Group to AIM in February
2006. Jon is a member of the B.P. Marsh Investment and Valuation
Committees and currently serves as a Board Director for Walsingham
Motor Insurance Limited, and provides senior financial support and
advice to all companies within the Group's portfolio as well as
evaluating new investment opportunities.
- Ends -
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END
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