REG - Tesco PLC - Continuation of Share Buyback Programme

TescoAnnouncement

12/07/2023 07:00

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RNS Number : 6686F  Tesco PLC  12 July 2023

Tesco PLC

12 July 2023

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 continuation of existing £750m share buyback programme
(the "Programme").

Further to the announcements made on 13 April 2023 and 21 April 2023, 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 second tranche of this Programme will be for an aggregate
market value of £364 million (the "Second Tranche") by April 2024. On 15 June
2023 the company completed the previous tranche of its Programme. Between 21
April 2023 and 15 June 2023, the Company repurchased 145,322,507 ordinary
shares with an approximate market value of £386 million.

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 Second Tranche, together with any other Shares
purchased on the Company's behalf pursuant to its Programme, will not exceed
£750 million.

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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