On 14 December 2018, 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 2018 (new buy-back).
CIMIC’s current on‐market share buy-back (announced on 14 December 2017) will end on 28 December 20181.
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.
1Unless the maximum number of shares acquired within the ‘10/12 limit’ permitted by the Corporations Act 2001 (Cth) are bought back before this date.