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LONDON - Kier Group (LON:KIE) plc, the infrastructure services, construction, and property group, has initiated a share buyback program to repurchase up to £20 million worth of its ordinary shares. The buyback, announced today, aims to return capital to shareholders following a period of strong cash generation and balance sheet deleveraging reported in the Group's full year results on September 12, 2024.
The repurchase of ordinary shares will be conducted on the London Stock Exchange (LON:LSEG) and other trading venues, adhering to pre-set parameters and regulatory limits. Kier has granted Peel Hunt LLP the authority to carry out the program independently, ensuring that transactions can continue even during closed periods or if the company possesses inside information.
Kier's Board decided to initiate the buyback after assessing the company's financial health and considering its revised capital allocation policy, which includes the potential for incremental shareholder returns. The buyback program is consistent with Kier's strategy of pursuing growth opportunities while maintaining a stable and flexible balance sheet.
The maximum number of shares that may be repurchased under the program is 45,270,364, approximately 10% of the company's issued ordinary share capital as of September 19, 2024. Kier will hold any repurchased shares as treasury shares, in line with the Companies Act 2006.
The program commenced on the same day as the announcement and will end once the aggregate purchase price of the shares reaches the £20 million mark. The company will make public announcements regarding transactions under the buyback program by 7:30 a.m. the following business day after any such transactions occur.
As of the time of this announcement, Kier's share capital consists of 452,875,390 ordinary shares with voting rights. The company's decision to launch the buyback program is based on a press release statement.
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