CSR Limited (ASX: CSR) today announced that it will commence an on-market share buyback of up to $100 million.
CSR Chair John Gillam confirmed that CSR is well positioned to invest in the company's long-term growth strategy and improve shareholder returns.
"CSR has a strong balance sheet, which supports continued investment in the growth and performance strategy for our Building Products business. We are also progressing major property development projects that will deliver short and long-term earnings, alongside the hedged Aluminium position. This highlights CSR's strength and prospects for the coming years."
CSR CEO and Managing Director Julie Coates stated "The Building Products business continues to perform well, with improved operational and customer outcomes across diversified market positions. Our investment plans will lift capacity, improve performance and drive growth. Given our robust balance sheet and strong operational performance, CSR is able to invest in growth while also increasing returns to our shareholders via implementing an on-market share buyback."
The share buyback will be in addition to the company's existing dividend policy. The timing and the number of shares to be purchased will depend on share price, cash flow generation and capital requirements. This is consistent with CSR's recent history of proactive capital management.
CSR also reaffirms its outlook for the year ending 31 March 2023 (YEM23) as provided at its full year results announcement on 11 May 2022.
CSR 2022 Annual General Meeting
CSR's Annual General Meeting will be held today, commencing at 10.00am (AEST) Thursday 30 June 2022 at the Northside Conference Centre, corner Oxley Street and Pole Lane, Crows Nest, Sydney, NSW.
The meeting will also be webcast live from https://www.csr.com.au/investors-and-news/webcasts.
A copy of the Chair and Managing Director Addresses and presentation slides will be lodged with the ASX prior to the start of the meeting.
This announcement has been authorised by the Board of Directors of CSR Limited.