Tesco PLC Commencement of Share Buyback Programme (2860P)
18 Oktober 2021 - 8:00AM
UK Regulatory
TIDMTSCO
RNS Number : 2860P
Tesco PLC
18 October 2021
Tesco PLC
18 October 2021
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR
INVITATION TO PURCHASE ANY SECURITIES IN ANY JURISDICTION OR A
SOLICITATION OF ANY VOTE OR APPROVAL.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
Tesco PLC announces the commencement of its programme to buy
back shares with an aggregate market value equivalent of up to
GBP500 million.
Further to the announcement made on 6 October 2021, Tesco plc
(the "Company") announces that it has entered into an arrangement
with Citigroup Global Markets Limited ("Citi") to repurchase shares
on behalf of the Company.
The arrangement allows Citi to repurchase shares, together with
any other ordinary shares in the Company (the "Shares") purchased
on the Company's behalf, in accordance with the Company's current
buyback authority granted by shareholders at the Company's 2021
Annual General Meeting.
These share purchases will be made on the Company's behalf and
in accordance with the arrangement and, in the case of any
purchases made during closed periods, shall be made independently
of and uninfluenced by the Company.
Any share purchases effected pursuant to the arrangement will be
subject to the terms of the arrangement with Citi and in any case
will be effected in a manner consistent with both the general
authority vested in the Company to repurchase shares, the Market
Abuse Regulation 596/2014 as it forms part of UK domestic law and
Chapter 12 of the United Kingdom Listing Rules, which require that
the maximum price paid be limited to be no more than the higher of
(i) 105 per cent of the average middle market closing price of the
Company's ordinary shares for the five business days before the
purchase is made, and (ii) the higher of the price of the last
independent trade and the highest current independent bid on the
trading venue where the purchase is carried out. The aggregate
purchase price under this arrangement, together with any other
Shares purchased on the Company's behalf pursuant to its buyback
programme, will not exceed GBP500 million. The shares will be
bought back during the period commencing the date hereof and by no
later than October 2022.
The sole purpose of these share purchases is to reduce the
Company's share capital.
IMPORTANT NOTICE
Citi, which is authorised by the Prudential Regulation Authority
and regulated in the United Kingdom by the Financial Conduct
Authority and the Prudential Regulation Authority, is acting
exclusively for the Company and no one else in connection with the
buyback programme and will not be responsible to anyone other than
the Company for providing the protections afforded to clients of
Citi nor for providing advice in relation to the buyback programme
or any other matter referred to in this announcement.
Tesco contacts:
Investor relations Chris Griffith 01707 940 900
Media Christine Heffernan 0330 678 0639
Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46
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END
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