Business
Launch of Share Buyback Programme
Launch of Share Buyback Programme.
About this update from Ibstock Plc
[{"type":"text","content":"\n \n \n 10 May 2022\n \n \n \n \n \n \n \n \n Ibstock plc\n \n \n \n \n \n \n \n \n \n Launch of Share Buyback Programme\n \n \n \n \n \n \n Further to the trading update of 21 April 2022, Ibstock plc ('Ibstock' or the 'Group'), a leading UK manufacturer of clay bricks and concrete products, announces the commencement of\n a share buyback programme in respect of its ordinary shares of 1p each (\"Ordinary Shares\") up to a maximum pecuniary amount of £30 million, from the date of this announcement (the \"Share Buyback Programme\").\n \n \n \n \n \n The purpose of the Share Buyback Programme is to reduce the share capital of Ibstock in order to return value to shareholders, in line with the Group's capital allocation policy. The Ordinary Shares will be purchased on a Recognised Investment Exchange.\n \n \n \n \n \n Ibstock plans to execute the buy-back in two tranches. In respect of the first tranche, the Group announces that it has entered into an irrevocable non-discretionary instruction with UBS AG London Branch (\"UBS\") in relation to the purchase by UBS, acting as principal during the period commencing on 10 May 2022 and ending no later than 5 May 2023, of Ordinary Shares for an aggregate consideration (including expenses) of no greater than £15 million and the simultaneous on-sale of such Ordinary Shares by UBS to Ibstock, where they will be held in treasury. UBS will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group. It is anticipated that the second tranche, subject to a separate instruction, will commence promptly on completion of the first and be executed by Peel Hunt LLP.\n \n \n \n \n \n The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with the general authority to repurchase shares granted by the Group's shareholders at the 2022 Annual General Meeting, Chapter 12 of the UK Listing Rules and the provisions of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 (\"UK MAR\") and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European...