Hiscox announces completion of first tranche of buyback programme
(Alliance News) - Hiscox Ltd on Monday said it has completed the initial tranche of its share buyback programme and entered into an agreement with Citigroup Global Markets Ltd to conduct the second tranche.
The Bermuda-based insurer said it purchased 6.6 million shares between February 25 and August 14 under an agreement with Peel Hunt LLP to conduct the first tranche, which had a maximum value of USD150 million, excluding expenses.
"The purpose of the programme is to reduce the issued share capital of the company," Hiscox said.
The second tranche will have a maximum aggregate consideration of USD150 million and run until the end of 2026 at the latest.
Under the second tranche, up to 25.9 million shares can be repurchased. Purchases will be made in open-market transactions on the London Stock Exchange and/or other recognised investment exchanges, subject to market conditions, share price and trading volumes.
The overall programme has a maximum consideration of USD300 million and allows for the repurchase of up to 32.5 million shares.
The company said repurchases will be aggregated and announced weekly, and warned there is no guarantee that the programme will be completed in full.
Shares in Hiscox were up 0.4% at 1,802.00 pence on Monday morning in London.
By Niall Holden, Alliance News reporter
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