Quilter (QLT)

Sector:

Financials

Index:

FTSE 250

143.40p
   
  • Change Today:
    -0.30p
  • 52 Week High: 148.20p
  • 52 Week Low: 82.10p
  • Currency: UK Pounds
  • Shares Issued: 1,404.11m
  • Volume: 1,407,102
  • Market Cap: £2,013.49m
  • RiskGrade: 118

Quilter preparing capital return as life assurance sale completes

By Josh White

Date: Thursday 02 Jan 2020

LONDON (ShareCast) - (Sharecast News) - Quilter confirmed on Thursday that the sale of Quilter Life Assurance to ReAssure Group completed on 31 December.
The FTSE 250 company initially announced the proposed disposal on 5 August.

It said total cash consideration ended up being £445m, representing the agreed cash consideration of £425m along with accrued interest payable under the sale agreement up to the completion date of £20m.

The sale was structured under a lock-box mechanism with effective economic interest passing to ReAssure from 1 January 2019.

Interest income on the agreed sale proceeds was due to the group from that date until completion.

Thus, the contribution from Quilter Life Assurance earnings to the group's 2019 dividend of around £20m represented a partial advance distribution of sale proceeds.

"After allowing for costs and the capital impact of the transaction together with other expenses associated with the sale, the board of Quilter considers the net surplus proceeds from the sale to be £375m and regards this sum to be excess capital which is available for return to shareholders, in full," the board said in its statement.

"The Quilter board regards the proposed distribution to represent the full net surplus proceeds from the transaction after accounting for the contribution from Quilter Life Assurance earnings to the group's 2019 dividend."

Quilter said it would update the market on the method and timing of the capital return as soon as practical and, in any event, no later than at the time of the announcement of its full year results announcement in March 2020.

At 0957 GMT, shares in Quilter were up 1.02% at 162.7p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Quilter Market Data

Currency UK Pounds
Share Price 143.40p
Change Today -0.30p
% Change -0.21 %
52 Week High 148.20p
52 Week Low 82.10p
Volume 1,407,102
Shares Issued 1,404.11m
Market Cap £2,013.49m
RiskGrade 118

Quilter Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
41.58% above the market average41.58% above the market average41.58% above the market average41.58% above the market average41.58% above the market average
37.61% below the sector average37.61% below the sector average37.61% below the sector average37.61% below the sector average37.61% below the sector average
Price Trend
91.49% above the market average91.49% above the market average91.49% above the market average91.49% above the market average91.49% above the market average
91.15% above the sector average91.15% above the sector average91.15% above the sector average91.15% above the sector average91.15% above the sector average
Income
30.92% above the market average30.92% above the market average30.92% above the market average30.92% above the market average30.92% above the market average
38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average
Growth
63.69% below the market average63.69% below the market average63.69% below the market average63.69% below the market average63.69% below the market average
39.81% below the sector average39.81% below the sector average39.81% below the sector average39.81% below the sector average39.81% below the sector average

What The Brokers Say

Strong Buy 2
Buy 3
Neutral 7
Sell 2
Strong Sell 0
Total 14
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Quilter Dividends

  Latest Previous
  Interim Final
Ex-Div 29-Aug-24 18-Apr-24
Paid 23-Sep-24 28-May-24
Amount 1.70p 3.70p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 858,360 @ 143.40p
16:35 183 @ 143.40p
16:35 5,745 @ 143.40p
16:35 4,599 @ 143.40p
16:35 1,146 @ 143.40p

Quilter Key Personnel

CFO Mark Satchel
CEO Steven Levin

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