Bulmers-maker C&C Group will commence a share buy-back programme on 1 March 2024, to repurchase ordinary shares of the group.
The repurchase programme will see C&C Group buying shares of up to a maximum aggregate consideration of €15 million, the company noted.
The programme is part of the company’s plan to return up to €150 million to shareholders over the next three fiscal years, as announced in October 2023.
It seeks to return the amount through a combination of dividends and share buy-backs and follows the reinstatement of dividend payments last year.
The programme is underpinned by the board’s confidence in the medium-term outlook for the business and its strong cash generation capabilities, C&C Group noted.
The board also believes that the programme represents the ‘most effective’ use of capital in the current environment, it added.
Share Buy-Back Programme
J&E Davy (Davy) has entered into an agreement with the owner of the brands Tennent’s and Magners to act as principal to conduct the programme and repurchase shares on the group’s behalf.
Under the terms of the agreement, Davy will purchase shares under the programme independently of, and uninfluenced by, the group.
The programme will commence on 1 March 2024 and end no later than 30 June 2024, subject to market conditions, the company added.
Directorate Change
C&C Group has also announced that Vincent Crowley, senior independent non-executive director, will step down from the board at the company’s 2024 annual general meeting, scheduled for 11 July 2024.
Crowley, who held the position for nine years, has also stepped down from his role as senior independent director, effective from 15 February 2024.
Chris Browne OBE will succeed Crowley as non-executive director and had been appointed as senior independent director from 15 February 2024.
