Diageo commences new share buy-back programme
Diageo plc (Diageo) today announces the commencement of its new share buy-back programme, as announced in Diageo’s interim results for the six months ended 31 December 2022. This share buy-back programme will return up to an additional £0.5 billion of capital to shareholders and is to be completed before the end of fiscal 23.
Diageo is announcing today that it has entered into a non-discretionary agreement with Citigroup Global Markets Limited to enable the company to buy-back shares with an aggregate value of up to £0.5 billion (net of any fees payable to or by Citigroup Global Markets Limited under the terms of the agreement). This agreement will commence on 16 February 2023 and will end no later than 28 June 2023. The purpose of the new share buy-back programme is to reduce the share capital of Diageo plc. All shares repurchased under this agreement will be cancelled.
The launch of this new programme follows the successful completion of Diageo’s return of capital programme in which £4.5 billion of capital was returned to shareholders since fiscal 2020 in four phases, completed on 31 January 2020, 11 February 2022, 5 October 2022 and 1 February 2023 respectively.
Further details of the return of capital programme
Citigroup Global Markets Limited will make its trading decisions in relation to Diageo’s securities independently of and uninfluenced by Diageo. 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 share buybacks will be effected 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 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and, in the case of Diageo, Chapter 12 of the Listing Rules.
This share buy-back programme, under which up to approximately £0.5 billion of shares will be repurchased, will occur within the limitations of Diageo’s existing general authority to repurchase up to 227,870,414 shares granted at its 2022 Annual General Meeting (less the aggregate number of shares purchased by the Company pursuant to the authority granted by the company’s shareholders at the 2022 Annual General Meeting as at the date of this announcement). For the avoidance of doubt, no repurchases will be made in the United States of America or in respect of Diageo's American Depositary Receipts.
Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer categories. These brands include Johnnie Walker, Crown Royal, J&B and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is a global company, and our products are sold in more than 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com for information, initiatives, and ways to share best practice.
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