LONDON (dpa-AFX) - Industrial equipment rental company Ashtead Group plc (AHT.L) announced Tuesday that it has entered into an arrangement with Barclays Bank PLC, acting through its Investment Bank.
The arrangement allows Barclays to purchase, together with any other ordinary shares in Ashtead purchased on its behalf pursuant to its buyback programme, up to 67,351,544 Shares prior to the expiration of the Company's current buyback authority granted by shareholder resolution dated 8 September 2020.
The company said that following such expiration, 'the aggregate number of Shares authorised to be purchased by the Company under any subsequent buyback authority granted during the arrangement, which in any event shall be less than 15% of the relevant class of the Company's equity shares at the date of such authority, during the period commencing the date hereof and April 28, 2023.'
These share purchases will be made on Ashtead's behalf and in accordance with the arrangement. In the case of any purchases made during closed periods, the share purchases shall be made independently of and uninfluenced by the Company.
The aggregate purchase price under the arrangement, together with any other Shares purchased on the Company's behalf pursuant to its buyback programme, will not exceed 1 billion pounds.
The company said the sole purpose of these share purchases is to reduce its share capital.
Copyright RTT News/dpa-AFX
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