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DCC PLC - Dublin-based provider of sales, marketing and distribution services to the energy sector - Proposes £600 million return to shareholders, following the sale of its Healthcare arm. The return will come in the form of a tender offer for shares. DCC will buy back just under 12.0 million shares, some 12% of its total. The price will be set as part of the tender offer within a range of £50.20 to £53.20 per share. ‘DCC has concluded that a tender offer represents the most effective means of returning a significant amount of capital to shareholders in a short space of time and in a manner that provides shareholders with a suitable degree of optionality as to the number and value of shares that they may elect to offer for purchase,’ it says.
DCC completed the £1.05 billion sale of DCC Healthcare in September and at the time said it will return £800 million to shareholders. DCC started a £100 million share buyback in May. The remaining £100 million will be paid out in about two years, once DCC has received the final deferred payment from the health unit disposal.
Current share price: 5,020.00 pence
12-month change: down 10%
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