Tesco PLC (TSCO.L), a groceries and general merchandise retailer, on Monday announced that it has launched the second tranche of its 1.45 billion pounds share buyback programme, committing up to 500 million pounds for additional repurchases.
The move follows the completion of the first tranche on July 25, during which the company bought back 182,303,915 shares for a total market value of approximately 700 million pounds.
As part of the second tranche, Tesco has entered into a new arrangement with Goldman Sachs International to repurchase ordinary shares on its behalf on a riskless principal basis.
The purchases will take place on the London Stock Exchange, as well as through Cboe Europe's BXE and CXE order books, Turquoise, and Aquis.
The maximum price paid per share will be capped at the higher of 105% of the average middle market closing price over the five trading days before purchase or the higher of the last independent trade price and the highest current independent bid on the relevant trading venue.
The aggregate repurchase price for this tranche, along with any previous or future tranches, will not exceed the total programme limit of 1.45 billion pounds.
Tesco is currently trading 0.19% higher at 429.30 pence on the London Stock Exchange.
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