8-K

CRH PUBLIC LTD CO 8-K Report (Dec 14, 2022)

Filed December 14, 2022For Securities:CRH

Summary

CRH Public Limited Company (CRH) has filed a Form 6-K on December 14, 2022, reporting major shareholding notifications received from The Goldman Sachs Group, Inc. and its subsidiaries. These notifications pertain to changes in holdings that have crossed specific disclosure thresholds, primarily driven by the acquisition or disposal of financial instruments, including cash-settled listed options and other derivative instruments. The disclosure is a result of these positions not having been previously aggregated and disclosed. Specifically, the notifications indicate that as of December 2, 2022, The Goldman Sachs Group, Inc., through various entities, holds a total position that crosses the 7% threshold for voting rights and financial instruments. While direct voting rights attached to shares remain relatively low, the significant portion of the holding comes from financial instruments with similar economic effects, such as options and futures. Investors should note that this disclosure primarily reflects the activities within Goldman Sachs' client facilitation business and does not necessarily indicate a change in control or strategic investment by Goldman Sachs itself.

Key Highlights

  • 1The Goldman Sachs Group, Inc. and its subsidiaries have crossed a major shareholding threshold in CRH PLC.
  • 2The total position, including direct and indirect holdings and financial instruments, now exceeds 7% of CRH's voting rights.
  • 3The majority of the reported stake is derived from financial instruments, particularly cash-settled options and other derivatives, rather than direct share ownership.
  • 4The disclosure arises from the aggregation of existing positions, including those related to CRH being a constituent of relevant indices, which were not previously disclosed.
  • 5The event date for crossing the threshold was December 2, 2022, with CRH being notified by Goldman Sachs on various dates in early December 2022.
  • 6The filing provides a detailed breakdown of the various financial instruments and their associated potential voting rights.
  • 7CRH has been advised that the disclosed positions correctly reflect the aggregated holdings of the notifying group as of the disclosure date.

Frequently Asked Questions

This filing is a notification of major shareholdings. The Goldman Sachs Group, Inc., through its various entities, has aggregated its holdings in CRH PLC, including direct share ownership and financial instruments, which collectively crossed the disclosure threshold.

No, this filing primarily reflects Goldman Sachs' role in its client facilitation business. While the total percentage of voting rights and financial instruments exceeds 7%, the majority of this is due to financial instruments (like options and futures) and not a direct, controlling equity stake. CRH has been advised that these are positions held in relation to their ordinary course client facilitation business.

The disclosure includes various financial instruments with similar economic effects, such as cash-settled listed options, futures, swaps, and forward contracts. These are held by Goldman Sachs entities and have the potential to represent voting rights or have a similar economic impact.

The threshold was crossed or reached on December 2, 2022. CRH was notified by Goldman Sachs on various dates between December 9, 2022, and December 12, 2022, depending on the specific regulatory requirement (UK FCA or Central Bank of Ireland).