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CRH continues share buyback programme

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World Cement,


CRH has announced that it has completed the third phase of its buyback programme, returning a further €100 million to shareholders. It originally announced its intention to repurchase ordinary shares of up to €1 billion over the next twelve months on 25 April 2018.

4.1 million ordinary shares were repurchased on the London Stock Exchange between 27 November 2018 and 21 December 2018. Under the ongoing €1 billion share buyback programme, this brings the total cash returned to shareholders to €800 million.

CRH has also has also announced that it has entered into arrangements with UBS AG, London Branch (UBS) to repurchase ordinary shares on behalf of CRH, for a maximum consideration of €200 million (the ‘Phase Four’ programme).

The Phase Four programme will begin on 2 January 2019 and will conclude no later than 2 March 2019. This will complete the €1 billion share buyback programme that was announced on 25 April 2018.

Ordinary shares will be repurchased on the London Stock Exchange and/or Euronext Dublin under the terms of the Phase Four programme. CRH has entered into non-discretionary instructions with UBS, to conduct the Phase Four programme on its behalf and to make trading decisions under the Phase Four programme independently of CRH, in accordance with certain pre-set parameters.

The purpose of the Phase Four programme is to reduce the share capital of CRH. The programme will be conducted within the limitations of the authority granted at CRH’s annual general meeting on 26 April 2018 to repurchase up to 10% of the company’s ordinary shares in issue (being 56 199 571 ordinary shares following the completion of the first, second, and third phases of the buyback programme).

The Phase Four programme will also be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052, and Chapter 12 of the UK Listing Rules. Pending their cancellation or reissue in due course, the repurchased ordinary shares will be held in the treasury.

Any decision made in relation to any future buyback programmes will be based on an ongoing assessment of the needs of the business and general market conditions by the CRH board of directors.

Read the article online at: https://www.worldcement.com/europe-cis/02012019/crh-continues-share-buyback-programme/

 

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European cement news UK cement news Cement news 2018