Tesco PLC Commencement of Share Buyback Programme
RNS Number : 1039R
04 July 2022
4 July 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 confirms the appointment of HSBC Bank plc to
repurchase shares with an aggregate value of up to GBP150 million
as part of its existing GBP750 million share buyback programme.
Further to the announcements made on 13 April 2022 and 26 April
2022, Tesco PLC (the "Company") announces that it has entered into
an arrangement with HSBC Bank plc ("HSBC") to repurchase shares on
behalf of the Company, as part of its existing commitment to buy
back a total of GBP750 million worth of shares by April 2023.
The arrangement allows HSBC 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 2022
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 HSBC 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 with HSBC, together with any
other Shares purchased on the Company's behalf pursuant to its
buyback programme, will not exceed GBP750 million.
The sole purpose of these share purchases is to reduce the
Company's share capital.
HSBC, 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
HSBC nor for providing advice in relation to the buyback programme
or any other matter referred to in this announcement.
Investor relations Chris Griffith 01707 940 900
Media Simon Rew 0330 678 0639
Tesco PLC's LEI number is: 2138002P5RNKC5W2JZ46
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact firstname.lastname@example.org or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
(END) Dow Jones Newswires
July 04, 2022 02:00 ET (06:00 GMT)
Gráfico Histórico do Ativo
De Jul 2022 até Ago 2022
Gráfico Histórico do Ativo
De Ago 2021 até Ago 2022