REG - Tesco PLC - Commencement of Share Buyback Programme

TescoAnnouncement

26/04/2022 07:00

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RNS Number : 2702J  Tesco PLC  26 April 2022

Tesco PLC

26 April 2022

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 buy back of shares with an aggregate market value of
up to £750 million by April 2023 as part of its ongoing share buyback
programme.

Further to the announcement made on 13 April 2022, 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 £750 million. The shares will be bought
back during the period commencing the date hereof and by no later than April
2023.

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
Simon Rew                           0330 678 0639

Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46

 

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