In March 2022, Quilter announced the intention to return £328m of the net proceeds of the sale of Quilter International to shareholders in the form of a payment of 20 pence per ordinary share for shareholders on the UK share register. For shareholders on our South African Share register this equates to a return of 401.333000 South African cents per ordinary share (using an exchange rate of 20.06665 South African cents to one pence, the average rate achieved on 7 and 8 March 2022). This return of capital was implemented through the issue and redemption of a new class of redeemable B shares (the “B Share Scheme”) and by a six for seven share consolidation of the existing ordinary share capital (the “Share Consolidation”). Following the Share Consolidation the new ordinary shares have a nominal value of 8 1/6 pence.
The General Meeting to seek shareholder approval for the B Share Scheme and Share Consolidation was held on Thursday 12 May 2022.
The B Share Scheme and Share Consolidation were implemented on Monday 23 and Tuesday 24 May 2022. Shareholders eligible for the B Share Scheme were sent payment for their proceeds on or around 6 June 2022. New share certificates and share account statements (where applicable) were also sent to shareholders on or around 6 June 2022.
You can read full details of the Return of Capital in the Circular to Shareholders and see our Helpful Guides for Shareholders below.