REG - Ibstock PLC - Launch of Share Buyback Programme

IbstockAnnouncement

10/05/2022 07:00

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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 £30 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 £15 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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