Diageo plc announces that it has put in place an irrevocable, non-discretionary programme to allow the company to buy back shares during the closed period which precedes the interim results announcement on 14 February 2008. The buy-back programme during the closed period will be managed by an independent third party, which will make its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company.
Share buy backs will be effected during the period between 2 January 2008 and 14 February 2008 within pre-set parameters. The buy backs will be in accordance with Diageo’s general authority to repurchase shares and in accordance with Chapter 12 of the Listing Rules. Consequently the maximum price per Share shall be no more than the higher of (i) an amount equal to 105% of the average of the middle market quotations for a Share (as derived from the London Stock Exchange Daily Official List) for the 5 days when the London Stock Exchange is open for dealing immediately preceding the day on which the Share is contracted to be purchased and (ii) the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange official list at the time the purchase is carried out. The shares repurchased will be cancelled on a daily basis.
In announcing this Diageo confirms that currently it has no inside information. Diageo will announce interim results for the six months ending 31 December 2007 on 14 February 2008.
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Notes to editor:
Diageo is the world's leading premium drinks business. With its global vision, and local marketing focus, Diageo brings to consumers an outstanding collection of beverage alcohol brands across the spirits, wine and beer categories including Smirnoff, Guinness, Johnnie Walker, Baileys, JeB, José Cuervo, Captain Morgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageo trades in some 180 countries around the world and is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands and performance, visit us at www.diageo.com