Brooks Macdonald Group's board of directors has approved the commencement of a share buyback programme for its shares valued at up to £10m.
In a statement today (28 January) the wealth and asset management group said the Buyback Programme would "commence immediately and expire by no later than the announcement of the full year results for the year ending 30 June 2025 expected in September 2025".
The shares will be purchased in the open market and cancelled to reduce the company's share capital.
The board said it considers that acquiring shares at prices which constitute a discount to the Company's longer-term valuation multiple and fail to reflect either the company's strengths or future prospects, was "consistent with its disciplined approach to capital allocation".
Brooks Macdonald further said it continues to have considerable financial flexibility to drive the execution of its growth strategy.
The repurchase of shares under the Buyback Programme will be carried out in accordance with its general authority to repurchase ordinary shares granted at its Annual General Meeting held on 24 October 2024 which received 99.99% approval from shareholders.
Brooks Macdonald also confirmed that on any given trading day the number of shares purchased under the Buyback Programme will not exceed 15,000 shares.
It has entered into a non-discretionary agreement with Singer Capital Markets in relation to the Buyback Programme for the period commencing today, expiring on the announcement of the Company's interim results for the six months ended 31 December 2024 on 27 February 2025.
During this period, Singer Capital Markets will make trading decisions in relation to the Buyback Programme independently of the Company in accordance with certain pre-set parameters set out in the agreement with Singer Capital Markets and will therefore have the ability to trade during close periods.
