Barratt Redrow plc (BTDPY,BTRW.L), a residential property development company, on Tuesday announced that it has now agreed with Barclays Bank plc (BARC.L) to conduct the first tranche of its 100 million pounds share buyback programme.
Under the agreement, Barclays will purchase up to 50 million pounds worth of shares, excluding expenses, between July 15 and December 31, for subsequent repurchase by the company.
Earlier in the day, a share buyback programme of up to 100 million pounds was announced. The buyback is expected to be completed by June 30, 2026.
The company aims to reduce its share capital through the first tranche of its buyback programme, with all shares repurchased by Barclays to be cancelled.
The company said the buyback will not include any of its American Depositary Receipts.
Any share purchases under the programme will be carried out within pre-set parameters and under the general authority granted by shareholders at the Company's Annual General Meeting on October 23, 2024.
This permit allows for the repurchase of up to 133.82 million ordinary shares, taking into account shares already purchased since that meeting.
On Monday, Barratt Redrow closed trading 0.24% higher at 416.50 pence on the London Stock Exchange.
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