Balfour Beatty, the international infrastructure group, today announces that, further to its trading update announcement on 7 December 2023, it has appointed its corporate brokers to manage an initial tranche of its 2024 share buyback programme and to repurchase Ordinary Shares on its behalf up to a maximum aggregate consideration of £50 million, intended to be completed by 30 June 2024.
The total anticipated 2024 share buyback will be confirmed at the Group's full year results in March.
In advance of moving into any closed periods, including ahead of its 2023 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 63,162,140 Ordinary Shares (which is the balance of the shareholder authority given at the 2023 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 The Group confirms that it currently has no other unpublished price sensitive information.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.
ENDS
Investor and analyst enquiries:
Jim Ryan
Tel. +44 (0) 7858 368527
jim.ryan@balfourbeatty.com
Media enquiries:
Antonia Walton
Tel. +44 (0) 7966 929 633
antonia.walton@balfourbeatty.com
Notes to editors:
- Balfour Beatty is a leading international infrastructure group with 25,000 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 114 years we have created iconic buildings and infrastructure all over the world. Currently, we are working to deliver Hinkley Point C, the first UK nuclear power station in a generation; constructing the world-class arts and cultural facility, the Lyric Theatre, in Hong Kong; and designing, building, financing, operating and maintaining the Automated People Mover superstructure at the fifth busiest airport in the world, Los Angeles International Airport.
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