Listed broker becomes latest company to buy back shares
JLT has become the latest insurance firm to begin buying back shares.
It announced the commencement of a rolling share buy-back programme. The programme is expected to involve the purchase of up to £40 million of shares up to the period ending 30 June 2008 subject to renewal of the authority at the AGM in 2008.
The buy-back will be subject to market conditions and JLT's ongoing capital requirements.
Dominic Burke, Chief Executive of JLT, said: "The commencement of this rolling share buy-back programme is evidence of our commitment to growing shareholder value. It is consistent with our focus on efficient capital management and enhancing returns to shareholders."
Any repurchases will be made in accordance with JLT's general authority to repurchase shares approved at the Annual General Meeting held on 26 April 2007 and in accordance with Chapter 12 of the UK Listing Rules.
Consequently the maximum price paid will be limited to no more than 105 per cent. of the average middle market closing price of JLT shares for the five dealing days preceding the date of purchase.