Run-off investment specialist Randall & Quilter (R&Q) has received shareholder approval to buy back up to 5.37m of its own shares.
The amount available for repurchase under the agreement is equivalent to just under 10% of R&Q's outstanding ordinary share capital.
Shareholders approved the buy-back at R&Q's annual general meeting today.
R&Q's board contends that the buy-back will not constrain the company's growth objectives for 2011 or negatively impact its dividend policy.
The company plans to make a further announcement on the scale of the buy-back, noting that the number of shares repurchased, the timing and the price will be dependent on market conditions.
