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CRH begins first phase of billion-euro share buyback
CRH began its 1bn share buyback programme in earnest on Wednesday, confirming it has entered into arrangements with UBS to repurchase ordinary shares on its behalf, to a maximum consideration of 350m, as the first phase of its plans.
The FTSE 250 firm had announced its intention to repurchase ordinary shares of up to 1bn over the next 12 months on 28 April.
It said the first phase would commence on Wednesday, and would end no later than 22 August.
"Under the terms of the Phase 1 Programme, ordinary shares will be repurchased on the London Stock Exchange," the CRH board explained.
"CRH has entered into non-discretionary instructions with UBS to conduct the Phase 1 Programme on its behalf and to make trading decisions under the Phase 1 Programme independently of CRH in accordance with certain pre-set parameters."
The programme, the purpose of which was to reduce the share capital of CRH, would be conducted within the limitations of the authority granted at the company's annual general meeting on 26 April.
That authority gave the board the ability to repurchase up to 10% of the company's ordinary shares in issue - currently being 84,101,042 ordinary shares - with the repurchased ordinary shares to be held in treasury pending their cancellation or re-issue in due course.