8-K

CRH PUBLIC LTD CO 8-K Report (Jan 8, 2020)

Filed January 8, 2020For Securities:CRH

Summary

CRH Public Limited Company (CRH) has announced the completion of a significant share buyback program, returning €240 million to shareholders between August 26, 2019, and January 3, 2020. During this period, CRH repurchased approximately 7.6 million ordinary shares on Euronext Dublin at an average discount of 3.1% to the volume-weighted average price. Furthermore, CRH has initiated a new share buyback program with a maximum consideration of €200 million, commencing on January 7, 2020, and concluding no later than March 31, 2020. These repurchases, also executed on Euronext Dublin through arrangements with J&E Davy, are intended to reduce the company's share capital. The new buyback operates under non-discretionary instructions with pre-set parameters and complies with relevant market regulations, with repurchased shares to be held in treasury pending cancellation or reissue.

Key Highlights

  • 1CRH has returned €240 million to shareholders through a recently completed share buyback program.
  • 27.6 million ordinary shares were repurchased at an average discount of 3.1% to the volume weighted average price.
  • 3A new share buyback program of up to €200 million has commenced.
  • 4The new buyback will run from January 7, 2020, to no later than March 31, 2020.
  • 5The purpose of the buybacks is to reduce CRH's share capital.
  • 6Repurchased shares will be held in treasury for potential cancellation or re-issue.
  • 7The buyback program operates within the framework of existing shareholder authority and market regulations.

Frequently Asked Questions

CRH has returned €240 million from a recently completed buyback and has initiated a new buyback program for a maximum consideration of €200 million. In total, this represents up to €440 million in share repurchases.

The completed buyback program ran from August 26, 2019, to January 3, 2020. CRH repurchased approximately 7.6 million ordinary shares at an average discount of 3.1% to the volume weighted average price over that period.

The new buyback program commenced on January 7, 2020, and is scheduled to end no later than March 31, 2020.

The primary purpose of these buyback programs is to reduce CRH's share capital. This is a common capital allocation strategy used by companies to return value to shareholders and potentially increase earnings per share.