CRH Continues Share Buyback Program
CRH plc, the leading provider of building materials solutions, is pleased to announce that it has completed the latest phase of its share buyback programme, returning a further $1.0 billion of cash to shareholders.
Between 30 June 2023 and 22 September 2023, 17.7 million ordinary shares were repurchased on Euronext Dublin and the London Stock Exchange. This brings total cash returned to shareholders under our ongoing share buyback programme to $6 billion since its commencement in May 2018.
CRH today also announces that it has entered into non-discretionary arrangements with Merrill Lynch International and BofA Securities, Inc. (together, “Bank of America”) to repurchase ordinary shares on CRH’s behalf for an aggregate maximum consideration of up to $1 billion* on the London Stock Exchange and/or in the United States, respectively (the “Buyback”). The Buyback will commence today, 25 September 2023, on the London Stock Exchange and no earlier than 23 October 2023 in the United States due to the requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Buyback will end no later than 20 December 2023. This $1 billion tranche is the third stage of the wider $3 billion programme announced on 2 March 2023.
Bank of America will conduct the Buyback on CRH’s behalf and will make trading decisions under the Buyback independently of CRH in accordance with certain pre-set parameters. The maximum number of ordinary shares which may be acquired pursuant to the Buyback is 35,000,000. The purpose of the Buyback is to reduce the share capital of CRH.
The Buyback will be conducted within the parameters prescribed by (i) the EU Market Abuse Regulation (596/2014) and Commission Delegated regulation (EU) 2016/1052 as such legislation forms part of retained EU law in the United Kingdom (“UK”) (as defined in the EU (Withdrawal) Act 2018) and as amended pursuant to UK’s Market Abuse (Amendment) (EU Exit) Regulations 2019 (as may be amended and/or supplemented from time to time) and (ii) Rule 10b5-1 and Rule 10b-18 under the Exchange Act. The repurchased ordinary shares will be cancelled.
Any decision in relation to any future buyback programmes will be based on an ongoing assessment of the capital needs of the business and general market conditions.
* Being an amount equal to €940 million (based on a FX rate of $1.00:€0.94 fixed for the duration of the Buyback).
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing c.75,800 people at c.3,160 locations in 29 countries, CRH has market leadership positions in both North America and in Europe. As the essential partner for road and critical utility infrastructure, commercial building projects and outdoor living solutions, CRH’s unique offering of materials, products and value-added services helps to deliver a more resilient and sustainable built environment. A Fortune 500 company, CRH is a constituent member of the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20 and the Dow Jones Sustainability Index (DJSI) Europe. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. CRH’s American Depositary Shares are listed on the NYSE. For more information visit www.crh.com.
Tom Holmes – Head of Investor Relations – + 353 1 404 1000
Source: CRH plc