Tesco PLC commences an Equity Buyback for 773,170,782 shares, representing 10% of its issued share capital, under the authorization approved on October 18, 2021.
October 18, 2021 at 02:00 am EDT
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Tesco PLC (LSE:TSCO) commences share repurchases on October 18, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 25, 2021. As per the mandate, the company is authorized to repurchase up to 773,170,782 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.063 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting. As of May 5, 2021, the company had 7,731,707,820 ordinary shares in issue and no shares in treasury.
Tesco PLC is the leading English distribution group. Net sales break down by activity as follows:
- distribution in the United Kingdom and Ireland (90.8%): food and non-food distribution (textile products, pharmaceuticals, computers, optics, household appliances, etc.) through 3,878 stores. The group also offers telephony services through Tesco Mobile (British no. 1). Tesco PLC also has an on-line purchasing site, Tesco.com;
- distribution in Central Europe (7.3%): operation, at the end of February 2023, of 541 stores located in Hungary (197), the Czech Republic (187; of which 124 franchised) and Slovakia (157; of which 10 franchised).
- financial services (1.9%; Tesco Bank): insurance, loans, savings, payment card issuance, etc.
Tesco PLC commences an Equity Buyback for 773,170,782 shares, representing 10% of its issued share capital, under the authorization approved on October 18, 2021.