C&C Group plc (CCR.L), a premium drinks company, on Thursday announced that it has launched a share buyback programme of up to a maximum aggregate consideration of 15 million euros.
C&C Group is currently trading 1.74% higher at 140 pence on the London Stock Exchange.
The share buyback programme will start on May 1 and is set to conclude no later than September 1.
The company aims to reduce the share capital.
The programme is part of the Group's plan to return up to 150 million euros to shareholders over the fiscal years ending in February 2025, 2026, and 2027, through a mix of dividends and share buybacks.
So far, the Group has completed two buybacks totaling 30 million euros.
The Board supports the Programme based on its strong confidence in the company's medium-term prospects and ability to generate cash. It believes this is the best way to use capital given current market conditions.
The Group has appointed J&E Davy to manage the share buyback programme as its principal. Davy will repurchase shares on the Group's behalf, up to a total of 15 million euros, following pre-set guidelines. All trading decisions will be made independently by Davy without influence from the Group.
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