£250m share buy-back begins at listed kitchen manufacturer
Kitchen supplier Howden Joinery Group is launching the first phase of its £250m share buy-back programme, which it announced last month.
The programme is scheduled to run over the next 12 months.
The business, which has a factory in East Yorkshire and depots across the region, has instructed its joint-broker UBS AG, London Branch to execute the first part of the buy-back.
It will be conducted through a non-discretionary arrangement to repurchase up to £125m of Howden’s shares, starting on or after 8 March 2022 and ending no later than 29 July 2022.
Howden Joinery’s shareholders authorised the company to repurchase up to a maximum of 59,708,863 of its ordinary shares at the Annual General Meeting held on 6 May 2021.
In an update released today, the business states: “The programme is in line with the company’s stated capital allocation policy, which prioritises our strategy of continuing to invest in depots, manufacturing and logistics capabilities and related strategic investments, while delivering a progressive dividend.”
Last month, Howden Joinery said it aims to grow its number of depots in the UK to 950. The company is also expanding its presence in France and the Republic of Ireland.