As part of its Trading Update on 24 April 2019, CRH plc announced its intention to continue its share buyback programme with a further tranche of up to €350 million. CRH has announced today that it has entered into arrangements with J&E Davy (“Davy”) to repurchase ordinary shares on CRH’s behalf for a maximum consideration of €350 million.
The Buyback will commence today, 29 April 2019, and will end no later than 16 August 2019.
Under the terms of the Buyback, ordinary shares will be repurchased on the London Stock Exchange and/or Euronext Dublin. CRH has entered into non-discretionary instructions with Davy 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 49 605 183 ordinary shares).
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/special-reports/29042019/crh-share-buyback-programme-continues/