Marlowe PLC on Monday confirmed plans for a special dividend and a share buy back after completing the sale of certain governance, risk & compliance software and services assets.

Shares in Marlowe rose 7.4% to 599.50 pence each in London on Monday morning.

The London-based business-critical services and software company also said Non-Executive Director Michael Ashcroft would become non-executive chair on an interim basis.

This follows the resignation of Kevin Quinn as executive chair with immediate effect.

Ashcroft, the former deputy chair of the Conservative Party, recently increased his stake in Marlowe to 15.8%.

Marlowe also named Julia Robertson, the chief executive of Bedfordshire-based recruitment firm Impellam Group Ltd as an independent non-executive director with immediate effect.

Marlowe said the £430 million sale of its governance, risk & compliance software and services assets was completed last Friday.

As a result, the previously announced £150 million special dividend and £75 million share buy back could now proceed.

The special dividend is worth 155 pence per share.

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