Balfour Beatty PLC Share Buyback Programme (5141K)
05 January 2021 - 6:00PM
UK Regulatory
TIDMBBY
RNS Number : 5141K
Balfour Beatty PLC
05 January 2021
Balfour Beatty PLC (the "Group" or "Balfour Beatty")
SHARE BUYBACK
5 January 2021
Balfour Beatty, the international infrastructure group, today
announces that further to its trading update and share buyback
announcement on 9 December 2020, it has appointed its corporate
brokers Merrill Lynch International and Numis Securities Limited to
manage a share buyback programme to repurchase Ordinary Shares on
its behalf from 5 January 2021, up to a maximum aggregate
consideration of GBP50 million (the "Share Buyback"). It is the
intention that this initial GBP50 million buyback programme will be
completed by the time of Balfour Beatty's 2020 full year results on
10 March 2021, when the Group will set out full details of the
Group's future capital allocation framework.
In advance of moving into a closed period ahead of its 2020 full
year results, Balfour Beatty will enter into an irrevocable
commitment with Merrill Lynch International and Numis Securities
Limited to continue the Share Buyback through a non-discretionary
programme repurchasing shares in the Group within certain pre-set
parameters.
Share purchases will take place in open market transactions and
may be made from time to time depending on market conditions, share
price and trading volume. The maximum price paid per Ordinary Share
will be no more than the higher of (i) 105 per cent of the average
middle market closing prices of the Ordinary Shares for the five
business days preceding any Ordinary Shares being purchased and
(ii) the higher of the price of the last independent trade and the
highest independent bid for Ordinary Shares on the trading venue
where the purchase is carried out. Under the Share Buyback, the
purchased shares will be held in treasury.
The Share Buyback programme is in accordance with Balfour
Beatty's general authority to purchase a maximum of 68,973,961
Ordinary Shares, granted by its shareholders at the Annual General
Meeting held on 25 June 2020 and the purpose is to reduce share
capital. Share Buyback programme will also be effected within the
parameters of the Market Abuse Regulation 596/2014/EU and the
Commission Delegated Regulation 2016/1052/EU (as in force in the UK
from time to time, including where relevant pursuant to the Market
Abuse (Amendment)(EU Exit) Regulations 2019). The Group confirms
that it currently has no other unpublished price sensitive
information.
The Group will make further regulatory announcements to
shareholders in respect of purchases of Ordinary Shares by the
Group as they occur.
-END-
Analyst/investor enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
angus.barry@balfourbeatty.com
Media enquiries:
Antonia Walton
Tel. +44 (0) 203 810 2345
antonia.walton@balfourbeatty.com
Notes to editors:
-- Balfour Beatty (balfourbeatty.com) is a leading international
infrastructure group. With 26,000 employees, we provide innovative
and efficient infrastructure that underpins our daily lives,
supports communities and enables economic growth. We finance,
develop, build and maintain complex infrastructure such as
transportation, power and utility systems, social and commercial
buildings.
-- Our main geographies are the UK, US and Hong Kong. Over the
last 110 years we have created iconic buildings and infrastructure
all over the world including the London Olympics' Aquatic Centre,
Hong Kong's first Zero Carbon building, the National Museum of the
Marine Corps in the US and the Channel Tunnel Rail Link.
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END
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