CIMIC’s current on?market share buy-back (announced on 14 December 2017) will end on 28 December 2018.
The new buy-back will continue to meet CIMIC’s previously stated aims of enhancing shareholder returns and capital efficiency, and maintaining balance sheet flexibility to pursue future growth and investment opportunities.
Funded by a combination of cash balances and working capital facilities, the new buy-back demonstrates CIMIC’s strong balance sheet position, solid cash flow generation, and disciplined approach to capital management.
The new buy-back will be within the ‘10/12 limit’ permitted by the Corporations Act 2001 (Cth) and therefore does not require shareholder approval.
The timing and number of shares purchased will depend on the CIMIC share price and market conditions.
An Appendix 3C for the new buy-back is attached.