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.

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