C&C Group plc commences an Equity Buyback Plan for 39,298,221 shares, representing 10% of its issued share capital, under the authorization approved on July 13, 2023.
March 04, 2024 at 02:00 am EST
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C&C Group plc (ISE:GCC) commences share repurchases on March 1, 2024, under the program mandated by the shareholders in the Annual General Meeting held on July 13, 2023. As per the mandate, the company is authorized to repurchase up to 39,298,221 shares, representing 10% of its issued share capital. The shares will be repurchased at a minimum price of ?0.01 per share. The maximum price that may be paid for any share shall not be more than the an amount equal to 105% of the average market value of a share which shall be taken from the stock exchange for each of the five business days immediately preceding the day on which the share is purchased as determined from the information published on the stock exchange. The shares repurchased will either be cancelled or held as treasury shares. The program will expire at the close of business on the date of the next Annual General Meeting of the company or 18 months after the passing of the resolution, whichever is earlier. As of June 7, 2023, the company had 392,982,212 shares in issue (excluding treasury shares) and 9,025,000 shares were held in treasury.
On February 21, 2024, the company announced a share repurchase program. Under the program, the company entered into an agreement with J&E Davy to repurchase up to ?15 million worth of its shares. The purpose of the program is to reduce the share capital of the company. The program will commence on March 1, 2024, and end no later than June 30, 2024.
C&C Group PLC is a vertically integrated drinks company. The Company manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks across the United Kingdom and Ireland. The Companyâs segments include Ireland and Great Britain (GB). The Ireland segment is engaged in the sale of the Companyâs own branded products across the island of Ireland, principally Bulmers, Magners, Tennentâs, Five Lamps, Clonmel 1650, Heverlee, Dowdâs Lane, Finches and Tipperary Water. The Great Britain segment is engaged in the sale of the Companyâs own branded products in Scotland, with Tennentâs, Caledonia Best, Heverlee and Magners being the main brands. This division includes the sale of its portfolio of owned cider brands across the rest of GB, including Magners, Orchard Pig, K Cider and Blackthorn, which are distributed in partnership with Budweiser Brewing Group. It distributes San Miguel and Budweiser Brewing Groupâs portfolio of beer brands across the island of Ireland.
C&C Group plc commences an Equity Buyback Plan for 39,298,221 shares, representing 10% of its issued share capital, under the authorization approved on July 13, 2023.
C&C GROUP PLC 
