CIMIC announces further on market share buyback
CIMIC ANNOUNCES FURTHER ON MARKET SHARE BUYBACK
On 13 December 2019, the Board of CIMIC Group approved a proposal to conduct a further on‐market share buy‐back of up to 10% of CIMIC’s fully paid ordinary shares for a period of 12 months commencing on 29 December 2019 (new buy-back).
CIMIC’s current on‐market share buy-back (announced on 14 December 2018) will end on 28 December 20191.
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.
Refer to the CIMIC website for more information:
- Appendix 3C.
1 Unless the maximum number of shares acquired within the ‘10/12 limit’ permitted by the Corporations Act 2001 (Cth) are bought back before this date.
Issued by CIMIC Group Limited ABN 57 004 482 982 www.cimic.com.au
Authorised by the CIMIC Group Limited Board
Mr Justin Grogan, Investor Relations T+61 2 9925 6628
Ms Fiona Tyndall, Communications T+61 2 9925 6188
CIMIC Group (ASX:CIM) is an engineering-led construction, mining, services and public private partnerships leader working across the lifecycle of assets, infrastructure and resources projects. CIMIC Group comprises our construction business CPB Contractors, including Leighton Asia and Broad, our mining and mineral processing companies Thiess and Sedgman, our services specialist UGL and our public private partnerships arm Pacific Partnerships – all supported by our in-house engineering consultancy EIC Activities. Our mission is to generate sustainable shareholder returns by delivering innovative and competitive solutions for clients and safe, fulfilling careers for our people. With a history since 1899, and around 43,000 people in 20 countries, we strive to be known for our principles of Integrity, Accountability, Innovation and Delivery, underpinned by Safety. CIMIC is a member of the S&P/ASX 100 index, the Dow Jones Sustainability Australia Index and FTSE4Good.