F20-F24 return of capital programme

Phase 2

As of close of market on 24 September 2021, the number of ordinary shares purchased by Diageo in phase two of the F20-F24 return of capital programme was 10,429,211 shares.

Announcement 12 May 2021

On 25 July 2019, the Board of Diageo approved the return of up to £4.5 billion to shareholders in the three-year period from 1 July 2019 to 30 June 2022, utilising the most appropriate mechanic of either share buybacks or special dividends depending on market conditions. Under the first phase of the ROC programme, which ended on 31 January 2020, Diageo repurchased shares to a value of £1.25 billion. On 9 April 2020, Diageo announced that it had not initiated the next phase of the ROC programme.

Diageo is announcing today that it is initiating the second phase of its ROC programme of up to £1.0 billion to be completed by the end of fiscal 22. Diageo has entered into a non-discretionary agreement with UBS AG London Branch (UBS) to enable the company to buy back shares. This agreement will commence on 12 May 2021 and is expected to end no later than 12 November 2021 and will be for a value of up to £0.5 billion. All shares repurchased will be cancelled. Further execution phases of the ROC programme will be announced in due course.

To see information regarding daily transactions please see regulatory news.

Phase 1

Summary of Phase 1 F20-F24 return of capital programme

As of close of market on 31 January 2020, the number of ordinary shares purchased by Diageo in phase one of the F20-F24 return of capital programme was 36,121,366 shares. 

These purchases were the last purchases to be made under Phase 1 of the F20-F24 programme between Diageo, on the one hand, and UBS AG London Branch, on the other hand.   

Announcement 1 August 2019

On 25 July 2019, the Board of Diageo plc approved a return of capital programme to return up to £4.5 billion to shareholders over the next three years (“the ROC Programme”).

Diageo today announces that it has entered into a non-discretionary agreement with UBS AG London Branch (“UBS”) to execute the first phase of the ROC Programme to enable the company to buy back shares. This agreement will commence 1 August 2019 and is expected to end no later than 31 January 2020 and will be for a value of up to £1.25 billion. Further execution phases of the ROC programme will be announced in due course.

UBS will make its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company. Any repurchase of shares by Diageo contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s).

The purpose of the buybacks is to reduce the share capital of Diageo plc. All shares repurchased will be cancelled.

The buybacks will be affected within certain pre-set parameters and in accordance with Diageo's general authority to repurchase shares, and will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052 and, in the case of Diageo plc, Chapter 12 of the Listing Rules.

The above share buyback programme of up to £1.25 billion will fall within the maximum number of shares that may be repurchased pursuant to Diageo’s existing general authority from shareholders to repurchase shares of 246,118,306 shares granted at its 2018 annual general meeting. A renewed general authority to repurchase shares up to a maximum of 237,177,623 shares will be sought at Diageo’s forthcoming 2019 annual general meeting.

To see information regarding daily transactions please see regulatory news.