Fletcher Building Limited (Fletcher Building, or the Company) advises that it will commence its on-market share buyback programme of Fletcher Building shares on 10 June 2021.
The buyback programme may run for up to 12 months from today, 4 June 2021, and the Company will acquire shares through the NZX and ASX at the prevailing market price from time to time in that period.
The buyback programme will be for a maximum aggregate of NZD$300 million in purchase price and up to a maximum of 41,212,820 shares. The number of shares is set in accordance with section 65 of the Companies Act, such that the maximum number that may be acquired will not exceed 5% of the Company’s shares on issue 12 months prior to the commencement of the buyback.
The number of shares purchased under the buyback from time to time will be notified to the NZX and ASX on the business day following the date on which those shares are bought back. Shares bought back will be cancelled upon acquisition, so the number of shares on issue will reduce accordingly.
The buyback programme will not run during any Black Out Period (as defined in Fletcher Building’s Securities Trading Policy). This includes, in respect of Fletcher’s Building’s 2021 annual results, the period from 1 July 2021 until 48 hours after the Fletcher Building annual results announcement is made generally available and a similar period from 1 January 2022 until 48 hours after the release of its FY22 half year results in February 2022.
Throughout the buyback period, Fletcher Building will continue to assess market conditions, its prevailing share price, available investment opportunities and all other relevant considerations. Fletcher Building reserves the right to suspend without notice or terminate the buyback programme at any time.
Authorised by: Chris Reid. Company Secretary