REG - Diageo PLC - Next phase of Diageo's capital return programme

DiageoAnnouncement

21/02/2022 07:00

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RNS Number : 2038C  Diageo PLC  21 February 2022

21 February 2022

 

Diageo announces next phase of return of capital programme

 

Diageo plc (Diageo) today announces that it is commencing the third phase of
its previously announced return of capital (ROC) programme of up to £4.5
billion to shareholders to be completed during fiscal 23.

 

Under the first two phases of the ROC programme, which were completed on 31
January 2020 and 11 February 2022 respectively, Diageo repurchased shares
with an aggregate value of £2.25 billion.

 

Diageo is announcing today that it has entered into a non-discretionary
agreement with UBS AG London Branch (UBS) to enable the company to buy back
shares with an aggregate value of up to £1.7 billion, of which the
repurchase of shares with an aggregate value of up to £1.4 billion will be
completed by 30 June 2022. In each case the aggregate value of shares
repurchased will be net of any fees payable to or by UBS under the terms of
the agreement. This agreement will commence on 21 February 2022 and will end
no later than 5 October 2022. The purpose of the repurchases is to reduce the
share capital of Diageo and all shares repurchased under this agreement will
be cancelled.

 

Further execution phases of the ROC programme, utilising the most appropriate
mechanic of either share buybacks or special dividends depending on market
conditions, will be subject to future announcements.

 

Further details of the return of capital programme

UBS will make its trading decisions in relation to Diageo's securities
independently of and uninfluenced by Diageo. Any repurchase of shares by
Diageo contemplated by this announcement will be carried out on the London
Stock Exchange and/or other recognised investment exchange(s).

 

The share buybacks will be effected within certain pre-set parameters and in
accordance with Diageo's general authority to repurchase shares and will be
conducted within the parameters prescribed by the Market Abuse Regulation
596/2014, the Commission Delegated Regulation (EU) 2016/1052 (both as
incorporated into UK domestic law by the European Union (Withdrawal) Act 2018)
and, in the case of Diageo, Chapter 12 of the Listing Rules.

 

This phase of the ROC programme, under which up to £1.7 billion of shares
will be repurchased, will occur within the limitations of Diageo's existing
general authority to repurchase up to 233,611,282 shares granted at its 2021
Annual General Meeting. After taking account of the number of shares bought
back under the second phase of the ROC programme, the maximum number of shares
that can be bought back under this authority under the third phase of the ROC
programme is 217,037,150.

 

For further information please contact:

Investor relations:

Durga Doraisamy
 
+44 (0) 7902 126 906

Lucinda
Baker
+44 (0) 7974 375 550

Belinda
Brown
+44 (0) 7590 810 246

 
 
investor.relations@diageo.com

Media relations:

Jessica Rouleau
                        +44 (0) 7925 642 561

 
  press@diageo.com

 

About Diageo

Diageo is a global leader in beverage alcohol with an outstanding collection
of brands including Johnnie Walker, Crown Royal, J&B, Buchanan's and
Windsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan,
Baileys, Don Julio, Tanqueray and Guinness.

Diageo is a global company, and our products are sold in more than 180
countries around the world. The company is listed on both the London Stock
Exchange (DGE) and the New York Stock Exchange (DEO). For more information
about Diageo, our people, our brands, and performance, visit us at
www.diageo.com. Visit Diageo's global responsible drinking resource,
www.DRINKiQ.com for information, initiatives, and ways to share best practice.

Celebrating life, every day, everywhere.

 

Diageo plc LEI: 213800ZVIELEA55JMJ32

 

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