CRH continues share buyback programme
Published by Lucy Stewardson,
As part of its 2019 Interim Results, released on 22 August 2019, CRH plc has announced its intention to continue its share buyback programme with a further tranche of up to €350 million.
The company has entered into arrangements with Societe Generale to repurchase ordinary shares on CRH’s behalf for a maximum consideration of €350 million (the buyback).
The buyback will commence on 26 August 2019 and will end no later than 3 January 2020.
Under the terms of the buyback, ordinary shares will be repurchased on Euronext Dublin. CRH has entered into non-discretionary instructions with Societe Generale to conduct the buyback on its behalf and to make trading decisions under the buyback independently of CRH, in accordance with certain pre-set parameters.
The purpose of the buyback is to reduce the share capital of CRH and will be conducted within the limitations of the authority granted at CRH’s AGM on 25 April 2019, to repurchase up to 10% of the company’s ordinary shares in issue (being 37 441 744 ordinary shares following the completion of the latest phase of the buyback programme).
The buyback 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. The repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course.
This announcement relates solely to the buyback and any decision in relation to any future buyback programmes will be based on an ongoing assessment of the capital needs of the business and general market conditions.
Read the article online at: https://www.worldcement.com/europe-cis/23082019/crh-continues-share-buyback-programme/
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