PLC | Investors

Share Buyback Programme

On 6 October 2021, Tesco PLC announced in its interim results an ongoing share buyback programme. The first tranche of the programme announced on 18 October 2021 was for £500m in shares, of which £300m had been used to purchase Tesco shares by 12 April 2022. On 13 April 2022, Tesco PLC committed to buyback an additional £750m worth of shares by April 2023. This means that by April 2023 Tesco PLC will have bought back a cumulative £1.05bn worth of shares since the start of the programme.

The share buyback programme will take place in accordance with the Company's current buyback authority granted by shareholders at the Company's 2022 Annual General Meeting. The maximum number of ordinary shares that may be repurchased under that authority is 761,988,392.

The sole purpose of these share purchases is to reduce the Company's share capital and therefore ordinary shares purchased under the buyback will be cancelled.

All share purchases will be made on Tesco PLC’s behalf under the terms of a non-discretionary arrangement, which includes the ability to make trading decisions under the programme independently of Tesco PLC.

The first tranche of the programme commenced on 18 October 2022 and completed on 7 March 2022. During this tranche Citigroup Global Markets Limited repurchased shares on behalf of the Company with an aggregate value of £300m.

A second tranche of the programme commenced on 26 April 2022 and completed on 13 June 2022. During this tranche Citigroup Global Markets Limited repurchased shares on behalf of the Company with an aggregate value of £300m.

Across the programmes with Citigroup Global Markets Limited shares with an aggregate value of £600m were purchased.

A third tranche of the programme commenced on 4 July 2022. HSBC Bank plc has been appointed to repurchase shares on behalf of the Company with an aggregate value of up to £150m and to make trading decisions under the programme independently of Tesco PLC.

Any further tranches of the programme will be announced in due course.

A breakdown of daily transaction details is available here and updated weekly during the buyback programme. Daily announcements are also available here.