CRH to buy back another $300m of shares

19th Dec 2022 08:25

(Sharecast News) - Building materials company CRH updated the market on its share buyback programme on Monday, having completed the latest phase, returning $300m of cash to shareholders.

The FTSE 100 firm said that between 20 September and 16 December, 7.7 million shares were repurchased on Euronext Dublin at an average discount of 1.2% to the volume-weighted average price over the period.

That brought total cash returned to shareholders under its ongoing share buyback programme to $4.1bn, since it was launched in May 2018.

CRH also announced that it had entered into arrangements with Bank of America Securities Europe to repurchase shares on its behalf for a maximum consideration of $300m.

The new buyback phase was starting on Monday, and would end by 30 March.

"Under the terms of the buyback, ordinary shares will be repurchased on Euronext Dublin," the board said in its statement.

"CRH has entered into non-discretionary instructions with Bank of America, acting as principal, to conduct the buyback on CRH's behalf and to make trading decisions under the buyback independently of CRH in accordance with certain pre-set parameters."

The board said the purpose of the buyback was to reduce the company's share capital, adding that it would be conducted within the authority granted at its annual general meeting on 28 April to repurchase up to 10% of the ordinary shares in issue.

"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."

At 0814 GMT, shares in CRH were up 1.32% at 3,214.5p.

Reporting by Josh White for Sharecast.com.