This document contains inside information
DUBLIN / ACCESSWIRE / April 25, 2018 / CRH Announces Intention to Launch €1bn Share Buyback Programme.
CRH plc, the international building materials group, announces that the Board of Directors intends to introduce a share repurchase programme to repurchase ordinary shares* of up to €1.0 billion. The launch of any programme is subject to, and shall comply with, shareholder approval of CRH's general authority to repurchase ordinary shares at CRH's upcoming Annual General Meeting.
The repurchase programme is expected to complete over the next 12 months, though the actual timing of completion will be based on an ongoing assessment of the capital needs of the business and general market conditions.
Further details in relation to the proposed share repurchase programme will be announced in due course.
Albert Manifold, Chief Executive of CRH, commented: "Our strong balance sheet and cash flow generation provides us with this opportunity to return excess cash to shareholders, while at the same time continuing to invest in our business and execute our strategic growth initiatives. We remain committed to our progressive dividend policy and our investment grade rating. This repurchase programme demonstrates management's confidence in the outlook for our business, our continued strong cash generation and our flexibility to deliver value to shareholders."
CRH's Annual General Meeting will take place tomorrow at 11.00am in Dublin.
* Reference to ordinary shares shall include income shares.
Contact CRH at Dublin 404 1000 (+353 1 404 1000)
Albert Manifold Chief Executive
Senan Murphy Finance Director
Frank Heisterkamp Head of Investor Relations
This document contains inside information and has been issued pursuant to Article 2.1(b) of Commission Implementing Regulation (EU) 2016/1055. The date and time of this statement is the same as the date and time that it has been communicated to the media.
Registered Office: No 12965. Registered Office: 42 Fitzwilliam Square, Dublin 2, R02 R279, Ireland
This information is provided by RNS
The company news service from the London Stock Exchange
SOURCE: CRH PLC via RNS, the company news service from the London Stock Exchange
