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LONDON - Barratt Redrow (LON:RDW) plc announced Tuesday it will implement a share repurchase program worth £100 million to be completed by June 30, 2026, according to a company press release.
The UK homebuilder has instructed Barclays (LON:BARC) Bank PLC to purchase up to £50 million of its ordinary shares in the first tranche of the program, which begins immediately and will run through December 31, 2025.
The company stated that the purpose of the share buyback is to reduce its capital, with repurchased shares slated for cancellation rather than being held in treasury.
The repurchase program will operate within parameters established by shareholders at Barratt Redrow’s Annual General Meeting held on October 23, 2024, which authorized the company to buy back no more than 133,819,331 ordinary shares.
All share purchases will comply with EU and UK Market Abuse Regulations and UK Listing Rule 9, the company noted. The buyback will not include any repurchases of the company’s American Depositary Receipts.
The announcement coincided with Barratt Redrow’s Trading Statement released earlier the same day. The company was formed through the merger of Barratt Developments (LON:BTRW) and Redrow, two of Britain’s largest homebuilders.
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