CRH plc has completed the latest phase of its share buyback programme, returning a further US$0.3bn of cash to shareholders. Between 16 June 2022 and 19 September 2022, 8.2m ordinary shares were repurchased on Euronext Dublin at an average discount of 0.93 per cent to the volume weighted average price over the period, according to the company. This brings the total cash returned to shareholders under its ongoing share buyback programme to US$3.8bn since it began in May 2018.
CRH has also entered into arrangements with UBS AG, London Branch (UBS) to repurchase ordinary shares on CRH’s behalf for a maximum consideration of US$300m (the “buyback”). The buyback will commence on 20 September 2022, and will end no later than 16 December 2022.
Under the terms of the buyback, ordinary shares will be repurchased on Euronext Dublin. CRH has entered into non-discretionary instructions with UBS, 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 purpose of the buyback is to reduce the share capital of CRH and it will be conducted within the limitations of the authority granted at CRH’s AGM on 28 April 2022 to repurchase up to 10 per cent of the company’s ordinary shares in issue (55,827,503 ordinary shares following the completion of the latest phase of the buyback programme).
