Share Buyback Programme
On 6 October 2021, Tesco PLC announced its interim results and an ongoing share buyback programme, with the first tranche of £500m in shares to be repurchased by no later than October 2022.
On 18 October 2021, Tesco PLC announced the commencement of the first tranche of this buyback programme (the “Initial Programme”) for an aggregate market value equivalent to £500m.
Tesco PLC has entered into a non-discretionary arrangement with Citigroup Global Markets Limited to repurchase shares on behalf of the Company and to make trading decisions under the Initial Programme independently of Tesco PLC. The share buyback programme will take place in accordance with the Company's current buyback authority granted by shareholders at the Company's 2021 Annual General Meeting. The maximum number of ordinary shares that may be repurchased under that authority is 773,170,782.
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.
Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.