Redrow To Launch Share Buyback Programme For Up To £100 Mln

British housebuilders Redrow plc (RDW.L) said Thursday it will begin a share buyback programme to purchase ordinary shares of 10.5 pence each in the Company for up to a maximum consideration of 100 million pounds.

This follows the Board's conclusion that the Company has sufficient funds to enter into a capital return programme. Given the current share price, the Company said it decided to execute this cash return in the form of a share buyback programme.

The primary purpose of the Buyback, which is structured in two tranches, is to reduce the share capital of the Company. The company noted that most of the Ordinary Shares purchased under the Buyback will be cancelled and a part of the Ordinary Shares will be held in Treasury.

The company added that any purchase of Ordinary Shares under the Buyback will be carried out on the London Stock Exchange and/or other trading venues and will be effected within certain pre-set parameters.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
American Honda Motor Co, Inc. has recalled about 2,900 units of 2022 model year Honda TRX90X All-Terrain Vehicles (ATVs) sold in the United States for possible crash and injury hazard, according to a statement issued by the U.S. Consumer Product Safety Commission or CPSC. The Laundress, a unit of Conopco Inc. d/b/a Unilever, is recalling around 8 million laundry and household cleaning products citing risk of exposure to bacteria, U.S. Consumer Product Safety Commission. The recall involves Laundress laundry detergent, fabric conditioner and other cleaning products. Tesla Inc. has delivered its first Semi, a heavy-duty electric truck, to its customer PepsiCo Inc. during an event at its Nevada Gigafactory. The delivery of 500-mile fully electric Semi truck comes five years after the launch of the truck's prototype in 2017. During Thursday night's Semi Delivery Event at Tesla's Sparks, Nevada factory, CEO Elon Musk, with Dan Priestly, ...
Follow RTT