St James’s Place has unveiled a share buyback programme for a maximum consideration of £32.9m.
In a stock exchange notice, the wealth manager said the programme will commence today (27 August) and run until the end of the year. The existential threat at the heart of Britain's biggest wealth manager The share buyback's purpose is to "reduce the capital of the company", SJP explained. JP Morgan Securities will carry out the programme and purchase ordinary shares as "riskless capital" and will make "its trading decisions in relation to the ordinary shares independently of, and uninfluenced by, the company", as art of their irrevocable non-discretionary agreement, SJP noted. ...
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