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 a total of £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.
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 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 programme will be announced in due course.