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Howden Joinery enters FTSE 100 as CRH begins primary listing in US

25th Sep 2023 08:39

(Alliance News) - CRH PLC completed the transfer of its primary listing to New York Stock Exchange from London Stock Exchange before the start of trading on Monday.

As a result, CRH's American depositary shares have been cancelled and replaced by the right to receive ordinary shares in their place.

The cancellation of CRH shares from Euronext Dublin also was effective from Monday. The building materials supplier will keep its headquarters in Dublin, however.

CRH shares remain traded in London but as a standard, rather than premium, listing.

As a result, CRH left the FTSE 100 index from Monday, replaced by kitchen supplier Howden Joinery Group PLC, which was promoted from the FTSE 250. Howden was replaced in the FTSE 250 by energy services firm Hunting PLC.

CRH on Monday also noted that it has repurchased 17.7 million shares in London and Dublin since the start of July.

It has appointed Bank of America to conduct a new USD1 billion buyback, starting on Monday in London and no earlier than October 23 in the US and ending by December 20. It is the third tranche of a USD3 billion buyback programme announced back in March. A maximum of 35.0 million shares will be repurchased in the new tranche.

"Any decision in relation to any future buyback programmes will be based on an ongoing assessment of the capital needs of the business and general market conditions," CRH said.

CRH shares were up 2.5% to 4,448.00 pence early Monday in London. Howden was up 0.4% at 746.80p. Hunting was down 2.5% at 314.33p.

By Tom Waite, Alliance News editor

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