Standard Life Aberdeen begins £175m share repurchase programme

Standard Life Aberdeen announced on Thursday that it was commencing an initial share repurchase programme of its ordinary shares, up to a maximum consideration of £175m.

The FTSE 100 firm had entered into a non-discretionary instruction with Merrill Lynch International on 8 August, in relation to the purchase by Merrill Lynch - acting as principal - of ordinary shares in the company's share capital for an aggregate consideration of no greater than £175m.

It said the purchase of shares would take place during the period beginning on 9 August and ending no later than 21 November.

“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,” Standard Life Aberdeen’s board explained in its statement.

“The company will announce any market repurchase of shares no later than 0730 [London time] on the business day following the calendar day on which the repurchase occurred.”

Standard Life Aberdeen said the purpose of the programme was to reduce the share capital of the company, with all shares purchased to be cancelled.