Marlowe to return £150m to shareholders in H1
Marlowe
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15:34 15/11/24
Business service and regulatory software company Marlowe said on Monday that subject to completion, proposed returns of capital were expected to commence during the first half of its FY25 financial year, beginning 1 April.
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Marlowe stated that after relevant adjustments including estimated transaction costs, settlement of certain transaction-related liabilities and earn-outs, reorganisation and separation costs, it expects net divestment sale proceeds from the recently announced disposal of certain governance, risk and compliance software and services assets to be roughly £405.0m.
The group added that after completion of the divestment and the retirement in full of its existing debt facilities, it expects its net cash position to be approximately £220.0m, and said it was "minded to retain a net cash balance to provide resources for working capital and selected investments" and to return in excess of £150.0m of remaining net cash to shareholders.
"The board is assessing the optimal route through which to effect the return of capital and will confirm the return in due course, said Marlowe.
As of 0935 GMT, Marlowe shares were up 2.88% at 535.0p.
Reporting by Iain Gilbert at Sharecast.com