In a stock exchange notice today (7 June), the £2.3bn private equity trust said it has appointed Investec Bank and JP Morgan Securities to carry out the buyback programme at 6.7p per ordinary share.
Under the authority granted to PIP by its shareholders, it has the ability to repurchase up to 14.99%. It currently has remaining authority to buy back up to around 67 million shares before the next annual general meeting in October, the FTSE 250 trust noted.
PIP explained that the maximum share price payable for a single share will be the higher of 105% of the average market value of tits…
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