C&C Group plc (CCR.L), on Wednesday, announced that it would commence a share buyback programme on 1 March 2024 to repurchase ordinary shares of the Group up to a maximum aggregate consideration of €15 million.
The Programme is a key component of the Group's strategy to deliver up to €150 million to its shareholders within the next three fiscal years through a combination of share buybacks and dividends, as announced in October 2023. This initiative follows the reinstatement of dividend payments in the previous year and is based on the Board's confidence in the business's medium-term prospects and strong cash generation capabilities. The Board believes that the Programme represents the most effective deployment of capital in the current environment.
The Group has agreed with J&E Davy to act as principal to conduct the Programme and to repurchase Shares on the Group's behalf for a maximum aggregate consideration of up to €15 million and to make trading decisions under the Programme following certain pre-set parameters. Under the terms of the agreement, Davy would make purchases of the Shares under the Programme independently of, and uninfluenced by, the Group.
The Programme, scheduled to commence on the 1st of March 2024, and conclude no later than the 30th of June 2024, is subject to market conditions. Its primary objective is to reduce the share capital of the company in line with the present announcement. According to the terms of the Programme, the Shares will be repurchased on the London Stock Exchange and subsequently cancelled.
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