# Tesco commences share buyback programme

- Link: https://www.directorstalkinterviews.com/tesco-commences-share-buyback-programme/4121071033
- Published: 2022-07-04T07:13:43+01:00
- Author: Amilia Stone

**[Tesco PLC](https://www.directorstalkinterviews.com/ftse-company/tesco-plc/tsco.l)**(
LON:TSCO) has announced that, further to the announcements made on 13 April 2022
and 26 April 2022, it has entered into an arrangement with HSBC Bank plc to repurchase
shares on behalf of the Company, as part of its existing commitment to buy back 
a total of £750 million worth of shares by April 2023.

The arrangement allows HSBC to repurchase shares, together with any other ordinary
shares in the Company 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 £750 million.

The sole purpose of these share purchases is to reduce the Company’s share capital.

**IMPORTANT NOTICE**

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 Tesco plc 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.

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