Standard Life Aberdeen outlines share buyback plan

In this morning’s announcement, the group, which houses platforms Wrap, Elevate and Parmenion, asset managers Aberdeen Standard Investments and Aberdeen Standard Capital, and financial planner 1825, said that purchase of shares would begin today, 16 August 2019, and end no later than 16 January 2020.

The company says it entered into a non-discretionary deal yesterday with Citigroup Global Markets, for Citi to act as principal and purchase ordinary shares in Standard Life Aberdeen’s share capital for an aggregate consideration no greater than £200m.

All the shares it buys back will then be cancelled, since “the purpose of the programme is to reduce the share capital of the company.”

Standard Life Aberdeen has agreed to announce any market repurchase of shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

The note reads: “Any purchase of Shares done in relation to this announcement will be carried out on the London Stock Exchange and executed in accordance with the Listing Rules and the company’s authority to make market purchases of shares.”