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Highlights:

  • Share repurchases to be conducted independently by Panmure Liberum Limited.
  • Programme to run until Conduit’s 2026 AGM or 14 August 2026, funded through existing cash reserves.
  • Repurchased shares will be held in treasury with options for reissue, cancellation, or use in employee schemes.

Conduit Holdings Limited (LSE: CRE), the parent company of Bermuda-based reinsurer Conduit Re, has announced further details regarding a share buyback programme of up to $50 million, originally disclosed on 14 May 2025.

The company has appointed Panmure Liberum Limited (PL) to independently execute the repurchase of its common shares on the open market. The buyback is in line with Conduit’s broader capital management strategy and will be financed from the company’s existing cash resources. Repurchased shares will be held in treasury, with potential use for cancellation, resale, or allocation under employee incentive schemes, including the 2023 Long Term Incentive Plan.

The buyback programme is set to remain in effect until the earlier of the company’s 2026 Annual General Meeting or 14 August 2026, unless concluded earlier. Conduit Holdings has issued PL an irrevocable mandate to manage purchases within defined parameters and independently of the company.

Shareholder authority for the programme was secured during the company’s AGM held on 14 May 2025. Under the approved terms, the price paid per share, excluding expenses, must not exceed the greater of:

  1. 105% of the average market price derived from the London Stock Exchange Daily Official List over the five business days prior to the purchase; and
  2. the higher of the last independent trade price and the highest current independent bid on the London Stock Exchange.

In compliance with Article 5(1) of Regulation (EU) No 596/2014, Conduit Holdings has committed not to repurchase more than 25% of the average daily trading volume in its common shares, calculated over the 20 trading days preceding any purchase date.

While the programme is authorised and operational, Conduit Holdings reserves the right to suspend or terminate it at any point depending on market conditions. The company also noted that there is no assurance the full $50 million allocation will be utilised or that repurchases will occur.