DUBLIN--(BUSINESS WIRE)--CRH plc, the leading provider of building materials solutions, is pleased to announce that it has completed the latest phase of its share buyback program, returning a further $0.3 billion of cash to shareholders.
Between December 21, 2023 and February 28, 2024, 4.2 million ordinary shares listed on the New York Stock Exchange were repurchased. This brings total cash returned to shareholders under our ongoing share buyback program to $7.3 billion since its commencement in May 2018.
CRH today also announces that it has entered into an arrangement with Barclays Capital Inc. (“Barclays”) to repurchase ordinary shares listed on the New York Stock Exchange on CRH’s behalf for an aggregate maximum consideration of up to $300 million (the “Buyback”). The Buyback will commence today, February 29, 2024, and will end no later than May 9, 2024.
Barclays 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 13,000,000. The purpose of the Buyback is to reduce the share capital of CRH.
The Buyback will be conducted within the parameters prescribed by (i) Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended and (ii) the EU Market Abuse Regulation (596/2014) and Commission Delegated Regulation (EU) 2016/1052 as such legislation forms part of the law in the United Kingdom (“UK”) pursuant to the EU (Withdrawal) Act 2018 (as may be amended and/or supplemented from time to time). No repurchases will be made outside of the United States. The repurchased ordinary shares will be cancelled.
Any decision in relation to any future buyback program will be based on an ongoing assessment of the capital needs of the business and general market conditions.
About CRH
CRH (NYSE: CRH, LSE: CRH) is the leading provider of building materials solutions that build, connect and improve our world. Employing c.78,500 people at c.3,390 operating locations in 29 countries, CRH has market leadership positions in both North America and Europe. As the essential partner for transportation and critical utility infrastructure projects, complex non-residential construction 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. The company is ranked among sector leaders by Environmental, Social and Governance (ESG) rating agencies. A Fortune 500 company, CRH’s shares are listed on the NYSE and LSE.
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Forward-Looking Statements
This document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally, but not always, be identified by the use of words such as "will" or similar expressions. These forward-looking statements include all matters that are not historical facts or matters of fact at the date of this document. Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond CRH’s control or precise estimate. Such forward-looking statements include, but are not limited to, expectations related to the structure, timing and volume of the Buyback and manner in which the Buyback will be conducted and expectations related to decisions on any future buyback program. There are important factors that could cause actual outcomes and results to be materially different, including risks and uncertainties relating to CRH described under “Principal Risks and Uncertainties (Risk Factors)” of CRH’s Annual Report and Form 20-F for the year ended December 31, 2022 and CRH’s other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this document. CRH expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law.
