Share Buyback ProgrammeSource: RNS
INITIAL TRANCHE OF 2023 SHARE BUYBACK
3 January 2023
Balfour Beatty, the international infrastructure group, today announces that, further to its trading update announcement on 8 December 2022, it has appointed its corporate brokers to manage an initial tranche of its 2023 share buyback programme and to repurchase Ordinary Shares on its behalf up to a maximum aggregate consideration of £50 million, intended to be completed in advance of the AGM on 11 May 2023.
The total anticipated 2023 share buyback will be confirmed at the Group's full year results in March, with total cash returns for 2023 (including ordinary dividends) expected to be broadly similar to 2022.
In advance of moving into any closed periods, including ahead of its 2022 full year results, Balfour Beatty will enter into irrevocable commitments with its corporate brokers to execute the share buyback through non-discretionary programmes repurchasing shares within certain pre-set parameters, with the corporate brokers making their trading decisions independently of, and uninfluenced by, Balfour Beatty.
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 purpose of the share buyback is to reduce the share capital of Balfour Beatty, with the purchased shares to be held in treasury.
The maximum number of shares to be purchased is 21,255,576 Ordinary Shares (which is the balance of the shareholder authority given at the 2022 AGM). The Group confirms that it currently has no other unpublished price sensitive information.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 after they occur.
Investor and analyst enquiries:
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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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