Glenveagh Properties begins €75m buyback programme

Company looking to reduce share capital with new programme to run until February

The execution of the buyback may be augmented by the purchase of shares by way of block trades, Glenveagh said.

The execution of the buyback may be augmented by the purchase of shares by way of block trades, Glenveagh said.

 

Dublin-listed builder Glenveagh Properties has begun buying back shares in the company up to the value of €75 million, it confirmed on Friday.

The purpose of its new buyback programme is to reduce share capital with all repurchases to be cancelled.

The company said the programme will continue until February 2022.

Under the terms of the buyback, shares will be repurchased on Euronext Dublin and the London Stock Exchange. Glenveagh said it has entered into non-discretionary instructions with Davy, acting as principal, to conduct the buyback on its behalf and to make trading decisions independently.

The execution of the buyback may be augmented by the purchase of shares by way of block trades, Glenveagh said.

Glenveagh earlier this week said it was on track to build 1,150 homes this year, despite the Covid-19 lockdown. It added that is now has enough land to build 17,000 homes.

The company will begin building for its 2022 order book over the summer and has started work on three new sites where it will begin selling properties next year.