The Irish building materials group has entered into arrangements with stockbroker/asset management company J&E Davy to repurchase ordinary shares on CRH’s behalf.
The buyback period will end no later than 16 August 2019. CRH completed the previous (fourth) phase of the buyback programme at the start of April. In total the programme has so far returned approximately €1bn to shareholders over the last 12 months.
Under the terms of the latest 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.
CRH says the purpose of the buyback is to reduce its share capital. T adds that the buyback will be conducted within the limitations of the authority granted at CRH’s AGM on April 25 to repurchase up to 10% of the company’s ordinary shares in issue (being 49,605,183 ordinary shares).
The company says that the repurchased ordinary shares will be held in treasury pending their cancellation or re-issue in due course.
It added that 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.
