Fletcher Building will kick off its $NZ300 million on-market share buyback next Monday, September 9.
The building products giant announced the buyback last month as part of a return to shareholders from the proceeds of selling the Formica business last year.
The Company says it will purchase up to 70 million shares through the NZX and ASX order matching markets at the prevailing market price from time to time, up to a maximum aggregate purchase price of $NZ300 million.
Shares purchased by Fletcher Building under the buyback programme will be canceled upon acquisition, and the number of shares on issue will reduce accordingly.
The buyback programme may run for up to 12 months from August 21, 2019 (when it was announced).
“Throughout the buyback, Fletcher Building will continue to assess market conditions, Fletcher Building’s prevailing share price, available investment opportunities and all other relevant considerations,” the company said yesterday.
Fletcher Building said it reserves the right to cease or suspend the buyback programme at any time.
Fletcher shares rose 1.9% to $4.31 on the ASX yesterday.
