Ibstock PLC Launch of Share Buyback Programme (8597K)
May 10 2022 - 2:41AM
UK Regulatory
TIDMIBST
RNS Number : 8597K
Ibstock PLC
10 May 2022
10 May 2022
Ibstock plc
Launch of Share Buyback Programme
Further to the trading update of 21 April 2022, Ibstock plc
('Ibstock' or the 'Group'), a leading UK manufacturer of clay
bricks and concrete products, announces the commencement of a share
buyback programme in respect of its ordinary shares of 1p each
("Ordinary Shares") up to a maximum pecuniary amount of GBP30
million, from the date of this announcement (the "Share Buyback
Programme").
The purpose of the Share Buyback Programme is to reduce the
share capital of Ibstock in order to return value to shareholders,
in line with the Group's capital allocation policy. The Ordinary
Shares will be purchased on a Recognised Investment Exchange.
Ibstock plans to execute the buy-back in two tranches. In
respect of the first tranche, the Group announces that it has
entered into an irrevocable non-discretionary instruction with UBS
AG London Branch ("UBS") in relation to the purchase by UBS, acting
as principal during the period commencing on 10 May 2022 and ending
no later than 5 May 2023, of Ordinary Shares for an aggregate
consideration (including expenses) of no greater than GBP15 million
and the simultaneous on-sale of such Ordinary Shares by UBS to
Ibstock, where they will be held in treasury. UBS will make its
trading decisions concerning the timing of the purchases of
Ordinary Shares independently of, and uninfluenced by, the Group.
It is anticipated that the second tranche, subject to a separate
instruction, will commence promptly on completion of the first and
be executed by Peel Hunt LLP.
The Share Buyback Programme will be conducted within certain
pre-set parameters, and in accordance with the general authority to
repurchase shares granted by the Group's shareholders at the 2022
Annual General Meeting, Chapter 12 of the UK Listing Rules and the
provisions of the Market Abuse Regulation 596/2014/EU as amended by
the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR")
and the Commission Delegated Regulation 2016/1052/EU as amended by
Technical Standards (Market Abuse Regulation) (EU Exit) Instrument
2019 which both form part of the law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018.
Ibstock will announce any market repurchase of Ordinary Shares
no later than 7.30 a.m. on the business day following the calendar
day on which the repurchase occurred.
Ibstock plc 01530 261 999
Joe Hudson, CEO
Chris McLeish, CFO
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Holly Gillis
About Ibstock Plc
Ibstock plc is a leading UK manufacturer of clay bricks and a
diversified range of clay and concrete products. Its principal
products are clay bricks, brick components, concrete roof tiles,
concrete alternatives for stone masonry, concrete fencing and pre
-- stressed concrete products.
The Group's two divisions are:
Ibstock Clay: The leading manufacturer by volume of clay bricks
sold in the United Kingdom. With 16 manufacturing sites Ibstock
Brick has the largest brick production capacity in the United
Kingdom. It operates a network of 18 active quarries located close
to its manufacturing plants. Ibstock Kevington provides masonry and
pre-fabricated component building solutions, operating from 6 sites
across the United Kingdom.
Ibstock Concrete: A leading manufacturer of concrete roofing,
walling, flooring and fencing products, along with lintels and
general concrete building products, with 14 manufacturing plants in
the United Kingdom.
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