Share Buyback Programme

RNS Number : 4286E

Balfour Beatty PLC

11 March 2022

 

 

Balfour Beatty plc (the "Group" or "Balfour Beatty")

SHARE BUYBACK

11 March 2022

Balfour Beatty, the international infrastructure group, announces that it has appointed its corporate brokers to manage a share buyback programme to repurchase Ordinary Shares on its behalf from 11 March 2022, up to a maximum aggregate consideration of £150 million (the "Share Buyback"). It is the intention that the Share Buyback will be completed by 31 December 2022.

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 maximum number of shares to be purchased is 63,940,526 Ordinary Shares (subject to the current shareholder authority being renewed at the 2022 AGM). The 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 The Group confirms that it currently has no other unpublished price sensitive information.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.

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Analyst/investor enquiries:

Andrew Beaumont
Tel. [phone]
[e-mail]    

Media enquiries: 

Antonia Walton
Tel. [phone]
[e-mail]

Notes to editors:

· Balfour Beatty  is a leading international infrastructure group with 24,500 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.  

· We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities. 

· Over the last 113 years we have created iconic buildings and infrastructure all over the world including: the 1.5 billion A14 improvement scheme - Britain's biggest road project; Hong Kong's HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5-mile $429 million North Metro Commuter Rail line in Colorado, US.

 

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