REG - Tesco PLC - Commencement of Share Buyback Programme

TescoAnnouncement

22/04/2024 07:00

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RNS Number : 4015L  Tesco PLC  22 April 2024

Tesco PLC

22 April 2024

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 buy back of shares with an
aggregate market value of up to
£1 billion by April 2025 as part of its ongoing share buyback programme (the
"Programme").

Further to the announcements made on 10 April 2024, Tesco PLC (the "Company")
announces that it has entered into an arrangement with Citigroup Global
Markets Limited ("Citi") to repurchase shares, together with any other
ordinary shares in the Company (the "Shares") purchased on behalf of the
Company (on a riskless principal basis) on the London Stock Exchange and/or
Cboe Europe Limited through the BXE and CXE order books, and/or Turquoise. The
first tranche of this buyback programme (the "Initial Programme") will be for
an aggregate market value of up to £450m. Any further tranches of the buyback
programme, which may be conducted after completion of the Initial Programme,
will be announced in due course.

The arrangement allows Citi to purchase Shares on the Company's behalf (on a
riskless principal basis) in accordance with the Company's current buyback
authority granted by shareholders at the Company's 2023 Annual General Meeting
and any subsequent authority and shall be made independently of and
uninfluenced by the Company (including, for the avoidance of doubt, in the
case of any purchases made during closed periods).

Any share purchases effected pursuant to the arrangement will be subject to
the terms of the arrangement with Citi and in accordance with the terms
therein will be effected in a manner consistent with 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 trading days on
the London Stock Exchange 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 Programme, together with any other Shares purchased
on the Company's behalf pursuant to its Programme, will not exceed £1
billion.

The sole purpose of these share purchases is to reduce the Company's share
capital.

Tesco contacts:

Investor relations      Chris Griffith           01707 940 900

Media                           Simon Rew
0330 678 0639

Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46

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