Summary
CRH Public Limited Company (CRH) has announced the commencement of Phase 2 of its share buyback program. Following the successful completion of its initial phase, which returned €350 million to shareholders, CRH is initiating a second phase with a maximum buyback value of €350 million. This new program, managed by UBS AG London Branch through non-discretionary instructions, will run from August 29, 2018, and conclude no later than November 19, 2018. The primary objective of this initiative is to reduce CRH's share capital.
Key Highlights
- 1CRH is commencing Phase 2 of its share buyback program.
- 2Phase 2 has a maximum buyback consideration of €350 million.
- 3The program will be executed by UBS AG London Branch under non-discretionary instructions.
- 4Phase 2 commences on August 29, 2018, and is set to end by November 19, 2018.
- 5The primary purpose of the buyback is to reduce the company's share capital.
- 6Repurchased shares will be held in treasury pending cancellation or re-issue.
- 7This follows the completion of Phase 1, which returned €350 million to shareholders.
Frequently Asked Questions
The announcement details Phase 2 of the buyback program, which has a maximum consideration of €350 million. This follows a completed Phase 1 that also returned €350 million to shareholders, suggesting a potential total buyback authorization of up to €700 million if the initial €1 billion intention is fully utilized across phases.
The Phase 2 program commenced on August 29, 2018, and is scheduled to conclude no later than November 19, 2018.
CRH has entered into arrangements with UBS AG, London Branch, to repurchase ordinary shares on its behalf. UBS will operate under non-discretionary instructions and make trading decisions independently of CRH, within pre-set parameters.
The primary stated purpose of the Phase 2 share buyback program is to reduce CRH's issued share capital. The repurchased shares will be held in treasury, and a decision will be made later regarding their cancellation or re-issue.