Business

C&C launches €15m share buyback programme

Drinks group says buyback is part of a plan to return up to €150 million to shareholders over the next three years

Bulmers/Magners cider maker C&C is mulling a near €1 billion bid for the Spirit Pub Company in Britain. Photograph: Bryan O’Brien

Eoin Burke-Kennedy
Wed Feb 21 2024 - 07:50

Irish-based but London-listed cider and beer maker C&C is to begin a €15 million share buyback programme from next month.

The company said the buyback was part of a plan to return up to €150 million to shareholders over the next three years through a combination of dividends and share buybacks.

It also follows the reinstatement of dividend payments last year.

The company, which owns Bulmers cider, said Davy Stockbrokers would repurchase shares on its behalf for a maximum aggregate consideration of up to €15 million.

READ MORE

“Under the terms of the agreement, Davy will make purchases of the shares under the programme independently of, and uninfluenced by, the group,” it said.

The buyback will commence on March 1st and end on June 30th, subject to market conditions, it said, noting the purpose of the programme was to reduce the share capital of the company.

Under the terms of the programme, the shares will be repurchased on the London Stock Exchange and will be cancelled.

The buyback “is underpinned by the board’s confidence in the medium-term outlook for the business and its strong cash generation capabilities,” C&C said in a statement.

.”The board also believes that the programme represents the most effective use of capital in the current environment,” it said.

Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is Economics Correspondent of The Irish Times

LATEST STORIES