Following the completion of its third buyback program of £30 million in January 2025, TP ICAP Group plc (LON:TCAP) today announced that it will commence a fourth share buyback programme, starting today, of TP ICAP’s ordinary shares of 25p each for a maximum consideration of £30 million.

The buyback aims to reduce the capital of the company and/or meet obligations under employee share schemes. Ordinary Shares purchased under the Buybacks that are not cancelled will have their rights to dividend receipt waived by the Company.

In line with the Company’s clear dividend policy (a 50% pay-out ratio of adjusted post-tax earnings), the Board is recommending a final dividend of 11.3 pence per share, up 13%, which would bring the total 2024 dividend to 16.1 pence, an increase of 9%. The final dividend will be paid to eligible shareholders on 23 May 2025, with an ex-dividend and record date of 10 April 2025 and 11 April 2025, respectively.

Any Ordinary Share purchases will be made by the Company within certain pre-set parameters and in accordance with the general authority of the Company to repurchase shares granted by shareholders at the Company’s Annual General Meeting held on 15 May 2024, which permits the Company to purchase no more than 77,174,574 Ordinary Shares (or 10% of the Ordinary Shares in issue, excluding Treasury Shares).

The Company has entered into an agreement with Peel Hunt LLP under which it has issued instructions (that are irrevocable during any closed period) to Peel Hunt to manage the Fourth Buyback as “matched” principal. Peel Hunt will carry out the Company’s instructions through the acquisition of Ordinary Shares for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 9 of the FCA’s Listing Rules and the Company’s general authority to repurchase Ordinary Shares. Peel Hunt will make its trading decisions independently of, and uninfluenced by, the Company during any closed periods of the Company.