C&C Group PLC, the owner of well-known brands like Tennent's, Magners, and Bulmers Ireland, has announced the launch of a €15 million share buyback program. This initiative is part of the company's plan to return up to €150 million to shareholders over the next three fiscal years through dividends and share buybacks. The board's confidence in the medium-term outlook for the business and its strong cash generation capabilities underpin this program.
The Group has entered into an agreement with J&E Davy to conduct the share buyback program independently. The program will commence on 1 March 2024 and end no later than 30 June 2024, subject to market conditions. The purpose of the program is to reduce the share capital of the company, and the repurchased shares will be cancelled. The program will be conducted in accordance with the Group's general authority to repurchase shares and the Market Abuse Regulation.
The company has confirmed that it currently has no unpublished inside information. However, there is no guarantee that the program will be implemented in full or that any shares will be bought back by the Group. Details of any shares repurchased under the Share Buyback Program will be notified to a Regulatory Information Service by the Group following repurchase.
C&C Group PLC is a leading, vertically integrated premium drinks company that manufactures, markets, and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland. Their portfolio includes well-known brands like Bulmers, Tennent's, and Magners, and they are the No.1 drinks distributor to the UK and Ireland hospitality sectors.
For further information, investors, analysts, and media can contact Riona Heffernan, Group Finance & Investor Relations Director, or FTI Consulting.