(Sharecast News) - Brickmaker Ibstock announced a share buyback programme of up to £30m on Tuesday, in a bid to reduce its share capital and return value to shareholders, in line with its capital allocation policy.
The FTSE 250 company said it would execute the buyback in two tranches.
For the first tranche, Ibstock said it entered into an irrevocable non-discretionary instruction with UBS London to purchase up to £15m of shares between now and 5 May 2023, and sell them on to Ibstock to be held in treasury.
It was expected that the second tranche, subject to a separate instruction, would start on completion of the first and be executed by Peel Hunt.
"Ibstock will announce any market repurchase of ordinary shares no later than 0730 on the business day following the calendar day on which the repurchase occurred," the board said in its statement.
At 0930 BST, shares in Ibstock were up 1.37% at 177.2p.
Reporting by Josh White at Sharecast.com.
Ibstock (IBST)