Tesco PLC Commencement of Share Buyback Programme
2024年4月22日 - 3:00PM
RNS Regulatory News
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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