LONDON, June 14 /CNW/ - INVESCO (NYSE: IVZ) (LSE:IVZ) (TSX:IVZ) announced
today that its Board of Directors has authorized the repurchase of up to
$500,000,000 of the company's outstanding ordinary shares.
"The Board's approval of a stock repurchase plan reaffirms its confidence
in the company's strategic direction and its commitment to building long-term
value for INVESCO's shareholders," noted INVESCO President and CEO Martin L.
Flanagan. "Today's announcement follows our stated capital policy of
implementing advantageous stock repurchases as a complementary approach to
returning capital to our shareholders through a progressive dividend policy."
The stock repurchase authorization has an expiration date of June 30,
2008. The timing of stock repurchases and the number of shares of common stock
to be repurchased will be at management's discretion after consideration of
factors such as market conditions, available cash flow from operations,
established and special trading blackout periods, and other general economic
and corporate factors. Repurchases under the program generally will be made
from the company's available working capital.
Any repurchases will be made in accordance with INVESCO's general
authority to repurchase shares approved at the annual general meeting held on
May 23, 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 INVESCO PLC shares for the
5 dealing days preceding the date of purchase. The shares repurchased will be
held as Treasury shares.
INVESCO PLC is one of the world's largest independent investment
management organizations dedicated to helping people worldwide build their
financial security. Operating principally through the AIM, AIM Trimark,
Atlantic Trust, INVESCO, Invesco Perpetual, PowerShares and WL Ross & Co.
brands, INVESCO PLC strives to deliver outstanding performance and service
across a comprehensive array of investment products for individuals and
institutions around the world. For more information go to www.invesco.com.
For further information:
For further information: INVESCO Michael S. Perman, Company Secretary
+44 (0) 20 7065 3942 or Aaron Uhde, Assistant Treasurer & Director of Investor
Relations +1 404 479-2956 or Doug Kidd, Managing Director, Communications +1