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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 The Group confirms that it currently has no other unpublished price sensitive information.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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(END) Dow Jones Newswires

January 05, 2021 02:00 ET (07:00 GMT)

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