LONDON (dpa-AFX) - Balfour Beatty (BBY.L) said that it has appointed its corporate brokers Merrill Lynch International and Numis Securities Limited to manage a share buyback program to repurchase ordinary shares on its behalf from 5 January 2021, up to a maximum aggregate consideration of 50 million pounds.
The company plans to complete the initial 50 million pounds buyback program by the time of the company's full year results on 10 March 2021.
The company also noted that it will enter into an irrevocable commitment with Merrill Lynch International and Numis Securities Limited to continue the Share Buyback through a non-discretionary program repurchasing shares in the group within certain pre-set parameters.
The maximum price paid per ordinary Share will be no more than the higher of 105 per cent of the average middle market closing prices of the ordinary Shares for the five business days preceding any Ordinary Shares being purchased and the higher of the price of the last independent trade.
The share buyback program is to purchase a maximum of 68.97 million ordinary shares, granted by its shareholders at the Annual General Meeting held on 25 June 2020 and the purpose is to reduce share capital.
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