Business
On-market Share Buyback Programme of £10m
On-market Share Buyback Programme of £10m.
About this update from Costain Group Plc
[{"type":"text","content":"\n\n \n \n 21 August 2024\n \nCostain Group PLC\nOn-market Share Buyback Programme of £10m\n \n\nCostain Group PLC (\"Costain\" or the \"Group\") today announces its intention to launch an on-market share buyback programme for up to a maximum aggregate consideration of £10m (excluding stamp duty and expenses) (the \"Buyback\"), to be carried out in two tranches. The first tranche of up to a maximum consideration of £5m (the \"First Tranche\") will commence immediately. The second tranche of up to a maximum consideration of £5m (the \"Second Tranche\") will commence following completion of the First Tranche and it is anticipated it will end no later than 28 March 2025, subject to market conditions.\n \nThe purpose of the Buyback is to reduce the Company's share capital and, accordingly, any ordinary shares purchased by the Company will be cancelled. The Buyback will also return surplus capital to shareholders and increase earnings per share, while maintaining the financial flexibility to invest in the Group's strategy to confidently deliver sustainable growth and attractive returns.\n \nDetails of the Buyback\nCostain has instructed Panmure Liberum Limited (\"Panmure Liberum\") and Investec Bank plc (\"Investec\") to execute the Buyback.\n \nCostain has entered into a non-discretionary and irrevocable instruction with Panmure Liberum and Investec, pursuant to which Panmure Liberum (in respect of the First Tranche) and Investec (in respect of the Second Tranche) will each purchase the Company's ordinary shares of 1 pence each (\"Ordinary Shares\") for up to a maximum consideration of £5m for each tranche, each acting severally as riskless principal. The First Tranche will commence immediately. The Second Tranche will commence following completion of the First Tranche and it is anticipated it will end no later than 28 March 2025, subject to market conditions.\n \nThe maximum number of Ordinary Shares that can be purchased in aggregate under the First Tranche and Second Tranche is 27,671,888, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2024 annual general meeting (the \"2024 AGM\") and any subsequent authority. \n \nPanmure Liberum and Investec will make their trading decisions in relation t...