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Tender Offer

23 Apr 2019 09:47

RNS Number : 7787W
Tesco PLC
23 April 2019
 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW).

Tesco Corporate Treasury Services PLC announces a Tender Offer for its €500,000,000 2.125 per cent. Notes due 2020 and guaranteed by Tesco PLC

and

Tesco PLC announces Tender Offers for its £350,000,000 5.50 per cent. Notes due 2019, £900,000,000 6.125 per cent. Notes due 2022, £515,000,000 5 per cent. Notes due 2023, £200,000,000 6 per cent. Notes due 2029, £200,000,000 5.50 per cent. Notes due 2033, £300,000,000 4.875 per cent. Notes due 2042 and £500,000,000 5.20 per cent. Notes due 2057

23 April 2019

Tesco Corporate Treasury Services PLC (TCTS) announces today an invitation to holders of its outstanding €500,000,000 2.125 per cent. Notes due 2020 and guaranteed by Tesco (as defined below) (ISIN: XS0992638220) (the 2020 Notes) and Tesco PLC (Tesco and, together with TCTS, the Offerors) announces today separate invitations to holders of its outstanding (a) £350,000,000 5.50 per cent. Notes due 2019 (ISIN: XS0159013068) (the 2019 Notes), (b) £900,000,000 6.125 per cent. Notes due 2022 (ISIN: XS0414345974) (the 2022 Notes), (c) £515,000,000 5 per cent. Notes due 2023 (ISIN: XS0248392812) (the 2023 Notes), (d) £200,000,000 6 per cent. Notes due 2029 (ISIN: XS0105244585) (the 2029 Notes), (e) £200,000,000 5.50 per cent. Notes due 2033 (ISIN: XS0159013142) (the 2033 Notes), (f) £300,000,000 4.875 per cent. Notes due 2042 (ISIN: XS0248395245) (the 2042 Notes) and (g) £500,000,000 5.20 per cent. Notes due 2057 (ISIN: XS0289810318) (the 2057 Notes and, together with the 2019 Notes, the 2020 Notes, the 2022 Notes, the 2023 Notes, the 2029 Notes, the 2033 Notes and the 2042 Notes, the Notes and each a Series) to tender their Notes for purchase by TCTS or Tesco, as applicable, for cash (each such invitation an Offer and, together, the Offers).

The Offers are being made on the terms and subject to the conditions contained in the tender offer memorandum dated 23 April 2019 (the Tender Offer Memorandum) prepared by the Offerors, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.

Copies of the Tender Offer Memorandum are (subject to distribution restrictions) available from the Information and Tender Agent as set out below. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Summary of the Offers

 

Notes

Issuer and Offeror

ISIN / Common Code

Outstanding Nominal Amount

RelevantBenchmark Security

Purchase Spread

2020 Notes Purchase Yield1

Amount subjectto the Offers

2019 Notes

Tesco PLC

XS0159013068 / 015901306

£96,904,000

3.75 per cent. UK Treasury Gilt due 7 September 2019 (ISIN: GB00B4YRFP41)

+35 bps

N/A

Subject as set out in the Tender Offer Memorandum, an aggregate nominal amount of Notes such that the total amount payable2 for such Notes (or, where applicable, its Sterling Equivalent) is no greater than approximately the total gross proceeds received by TCTS from the issue of the New Notes (each term as defined below)

2020 Notes

Tesco Corporate Treasury Services PLC

XS0992638220 / 099263822

€500,000,000

N/A

N/A

-0.05 per cent.

2022 Notes

Tesco PLC

XS0414345974 / 041434597

£530,554,000

4 per cent. UK Treasury Gilt due 7 March 2022 (ISIN: GB00B3KJDQ49)

+85 bps

N/A

2023 Notes

Tesco PLC

XS0248392812 / 024839281

£171,064,000

0.75 per cent UK Treasury Gilt due 22 July 2023 (ISIN: GB00BF0HZ991)

+95 bps

N/A

2029 Notes

Tesco PLC

XS0105244585 / 010524458

£97,657,000

6 per cent. UK Treasury Gilt due 7 December 2028 (ISIN: GB0002404191)

+175 bps

N/A

2033 Notes

Tesco PLC

XS0159013142 / 015901314

£149,855,000

4.25 per cent. UK Treasury Gilt due 7 June 2032 (ISIN: GB0004893086)

+180 bps

N/A

2042 Notes

Tesco PLC

XS0248395245 / 024839524

£31,574,000

4.5 per cent. UK Treasury Gilt due 7 December 2042 (ISIN: GB00B1VWPJ53)

+210 bps

N/A

2057 Notes

Tesco PLC

XS0289810318 / 028981031

£72,750,000

1.75 per cent. UK Treasury Gilt due 22 July 2057 (ISIN: GB00BD0XH204)

+215 bps

N/A

1. For information purposes only, the Purchase Price in respect of the 2020 Notes will, when determined in the manner described in the Tender Offer Memorandum on the basis of a Settlement Date of 2 May 2019, be 102.786 per cent. Should the Settlement Date in respect of any 2020 Notes accepted for purchase pursuant to the relevant Offer differ from 2 May 2019, the Purchase Price in respect of the 2020 Notes will be recalculated, all as further described in the Tender Offer Memorandum.

2. Including for payment of Accrued Interest (as defined in the Tender Offer Memorandum) on the relevant Notes.

Rationale for the Offers

The Offers are being made in the context of the Offerors' strategic aim of strengthening the balance sheet. Each Offeror intends to cancel any Notes purchased by it pursuant to the relevant Offer(s).

Purchase Prices and Accrued Interest

In respect of each Series, TCTS (in the case of the 2020 Notes) or Tesco (in the case of each Series other than the 2020 Notes) will pay for any Notes of the relevant Series validly tendered and accepted for purchase by such Offeror pursuant to the relevant Offer a purchase price for such Notes (each a Purchase Price) to be determined:

(a) in the case of the 2020 Notes, in the manner described in the Tender Offer Memorandum by reference to a fixed purchase yield of -0.05 per cent. (the 2020 Notes Purchase Yield); or

(b) in the case of each Series other than the 2020 Notes, at or around 1.00 p.m. (London time) on 1 May 2019 (the Pricing Time) in the manner described in the Tender Offer Memorandum by reference to the sum (then annualised in the case of each such Series except the 2057 Notes) (each such sum, together with the 2020 Notes Purchase Yield, a Purchase Yield) of:

(i) the relevant Purchase Spread specified in the table above; and

(ii) the relevant Benchmark Security Rate.

Each Purchase Price will be determined in accordance with market convention and expressed as a percentage of the nominal amount of the Notes of the relevant Series accepted for purchase pursuant to the relevant Offer (rounded to the nearest 0.001 per cent., with 0.0005 per cent. rounded upwards), and is intended to reflect (I) in the case of the 2020 Notes, a yield to 12 August 2020 (being the first optional call date in respect of the 2020 Notes) on the Settlement Date based on the 2020 Notes Purchase Yield, or (II) in the case of each other Series, a yield to maturity of the Notes of the relevant Series on the Settlement Date based on the relevant Purchase Yield. Specifically, the Purchase Price applicable to the Notes of a particular Series will equal (a) the value of all remaining payments of principal and interest on the relevant Series up to and including (in the case of the 2020 Notes) 12 August 2020 or (in the case of each other Series) the scheduled maturity date of the relevant Series, in each case discounted to the Settlement Date at a discount rate equal to the relevant Purchase Yield, minus (b) Accrued Interest for such Series.

The relevant Offeror will also pay an Accrued Interest Payment in respect of any Notes accepted for purchase pursuant to the relevant Offer(s).

New Financing Condition

On 23 April 2019, Tesco announced that TCTS intends to issue a new series of sterling-denominated fixed rate notes to be guaranteed by Tesco (the New Notes) under the Offerors' £15,000,000,000 Euro Note Programme (the Programme), subject to market conditions.

Whether either or both of the Offerors will purchase any Notes validly tendered in the relevant Offer(s) is conditional, without limitation, on the successful completion (in the sole determination of the Offerors) of the offering of the New Notes (the New Financing Condition).

Even if the New Financing Condition is satisfied, neither Offeror is under any obligation to accept for purchase any Notes validly tendered pursuant to the relevant Offer(s). The acceptance by either Offeror of Notes validly tendered pursuant to the relevant Offer(s) is at the sole discretion of such Offeror and tenders may be rejected by such Offeror for any reason.

Any investment decision to purchase any New Notes should be made solely on the basis of the information contained in: (i) the offering circular dated 6 July 2018 prepared in connection with the Programme, as supplemented by the supplementary offering circulars dated 12 October 2018 and 18 April 2019 (together, the Programme Offering Circular); and (ii) the final terms to be prepared in connection with the New Notes, and no reliance is to be placed on any representations other than those contained in the Programme Offering Circular.

The New Notes are not being, and will not be, offered or sold in the United States. Nothing in this announcement or the Tender Offer Memorandum constitutes an offer to sell or the solicitation of an offer to buy the New Notes in the United States or any other jurisdiction. Securities may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of, the United States Securities Act of 1933, as amended (the Securities Act). The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons.

No action has been or will be taken in any jurisdiction in relation to the New Notes to permit a public offering of securities.

Allocation of the New Notes

When considering allocation of the New Notes, TCTS may give preference to those Noteholders who, prior to such allocation, have validly tendered or have given a firm intention to Tesco or any Dealer Manager that they intend to tender their Sterling-denominated Notes for purchase pursuant to the relevant Offer(s). Therefore, a Noteholder who wishes to subscribe for New Notes in addition to tendering its Sterling-denominated Notes for purchase pursuant to the relevant Offer(s) may be eligible to receive, at the sole and absolute discretion of TCTS, priority in the allocation of the New Notes, subject to the issue of the New Notes and such Noteholder making a separate application for the purchase of such New Notes to a Dealer Manager (in its capacity as a joint lead manager of the issue of the New Notes) in accordance with the standard new issue procedures of such Dealer Manager. However, TCTS is not obliged to allocate the New Notes to a Noteholder who has validly tendered or indicated a firm intention to tender its Notes for purchase pursuant to the relevant Offer(s) and, if New Notes are allocated, the nominal amount thereof may be less or more than the nominal amount of Sterling-denominated Notes tendered by such Noteholder and accepted for purchase by Tesco pursuant to the relevant Offer(s). Any such allocation will also, among other factors, take into account the minimum denomination of the New Notes (being £100,000).

Aggregate Consideration Amount

If the Offerors (or one of the Offerors, as the case may be) decide to accept any validly tendered Notes for purchase pursuant to the relevant Offer(s), they propose to accept for purchase an aggregate nominal amount of such Notes such that the total amount payable by the Offerors (or one of the Offerors, as the case may be) for all such Notes accepted for purchase pursuant to the relevant Offer(s) (including all Accrued Interest Payments in respect of such Notes accepted for purchase), converted (where applicable) into the Sterling Equivalent at the Applicable Euro/Sterling Exchange Rate, is no greater than approximately the total gross proceeds received by TCTS from the issue of the New Notes (although the Offerors reserve the right, in their sole discretion, to allocate a significantly lower or a significantly higher amount for the purchase of Notes pursuant to the relevant Offer(s), the final amount so allocated for the purchase of Notes being the Aggregate Consideration Amount).

The Offerors will determine the allocation of the Aggregate Consideration Amount between each Series in their sole discretion, and reserve the right to accept significantly more or significantly less (or none) of any Series as compared to any other Series (the final aggregate nominal amount of each Series (if any) accepted for purchase pursuant to the relevant Offer being a Series Acceptance Amount).

Scaling

In respect of each Series, if the relevant Offeror decides to accept any validly tendered Notes of such Series for purchase pursuant to the relevant Offer and the aggregate nominal amount of the relevant Series validly tendered for purchase is greater than the relevant Series Acceptance Amount, the relevant Offeror intends to accept such Notes for purchase on a pro rata basis such that the aggregate nominal amount of such Series accepted for purchase pursuant to the relevant Offer is no greater than such Series Acceptance Amount, as further described in the Tender Offer Memorandum.

Tender Instructions

In order to participate in, and be eligible to receive the relevant Purchase Price and Accrued Interest Payment pursuant to the relevant Offer, Noteholders must validly tender their Notes by delivering, or arranging to have delivered on their behalf, a valid Tender Instruction that is received by the Information and Tender Agent by 5.00 p.m. (London time) on 30 April 2019, unless extended, re-opened, amended and/or terminated as provided in the Tender Offer Memorandum (the Expiration Deadline).

Tender Instructions will be irrevocable except in the limited circumstances described in the Tender Offer Memorandum.

Tender Instructions must be submitted in respect of a minimum nominal amount of Notes of the relevant Series of no less than the minimum denomination for such Series, as set out in the table below, and may thereafter be submitted in integral multiples of the relevant permitted integral multiple amount set out below. A separate Tender Instruction must be completed on behalf of each beneficial owner and in respect of each Series.

Series

Minimum Denomination

Permitted Integral Multiples

2019 Notes

£1,000

£1,000

2020 Notes

€100,000

€1,000

2022 Notes

£50,000

£1,000

2023 Notes

£50,000

£1,000

2029 Notes

£1,000

£1,000

2033 Notes

£1,000

£1,000

2042 Notes

£50,000

£1,000

2057 Notes

£50,000

£50,000

Indicative Timetable for the key events relating to the Offers

Events

Times and Dates

(All times are London time)

Commencement of the Offers

Offers announced. Tender Offer Memorandum available from the Information and Tender Agent.

Tuesday, 23 April 2019

Expiration Deadline

Final deadline for receipt of valid Tender Instructions by the Information and Tender Agent in order for Noteholders to be able to participate in the Offers.

5.00 p.m. on Tuesday 30 April 2019

Announcement of Indicative Results

Announcement by each of the Offerors of a non-binding indication of the level at which they expect to set each Series Acceptance Amount, and indicative details of any Scaling Factor applicable to valid tenders of Notes of each relevant Series that will be applied in the event that each of the Offerors or one of the Offerors, as the case may be, decides to accept (subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date) valid tenders of Notes of such Series pursuant to the relevant Offer(s).

Prior to the Pricing Time on Wednesday, 1 May 2019

Pricing Time

Determination of each Benchmark Security Rate, each Purchase Yield (other than the 2020 Notes Purchase Yield) and each Purchase Price.

At or around 1.00 p.m. on Wednesday, 1 May 2019

Announcement of Results and Pricing

Announcement of whether either or both of the Offerors will accept (subject to the satisfaction (or waiver) of the New Financing Condition on or prior to the Settlement Date) valid tenders of Notes pursuant to all or any of the applicable Offers and, if so accepted, each Series Acceptance Amount, each Purchase Yield, each Benchmark Security Rate, each Purchase Price, the Applicable Euro/Sterling Exchange Rate and any Scaling Factors that will be applied to Notes of any Series.

 

As soon as reasonably practicable after the Pricing Time on Wednesday, 1 May 2019

Settlement Date

Subject to the satisfaction (or waiver) of the New Financing Condition, expected Settlement Date for the Offers.

Thursday, 2 May 2019

The times and dates above are indicative only. Each Offeror may, in its sole discretion, extend, re-open, amend, waive any condition of or terminate any Offer made by it at any time (subject to applicable law and as provided in the Tender Offer Memorandum) and the above times and dates are subject to the right of each Offeror to so extend, re-open, amend and/or terminate any such Offer. Accordingly, the actual timetable may differ significantly from the timetable above.

Noteholders are advised to check with any bank, securities broker or other intermediary through which they hold Notes when such intermediary would need to receive instructions from a Noteholder in order for that Noteholder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, an Offer before the deadlines set out above. The deadlines set by any such intermediary and each Clearing System for the submission and (where permitted) withdrawal of Tender Instructions will be earlier than the relevant deadlines set out above and in the Tender Offer Memorandum.

Unless stated otherwise, announcements in connection with the Offers will be made (i) by publication through RNS and (ii) by the delivery of notices to the Clearing Systems for communication to Direct Participants. Such announcements may also be made on the relevant Reuters Insider Screen and by the issue of a press release to a Notifying News Service. Copies of all such announcements, press releases and notices can also be obtained upon request from the Information and Tender Agent, the contact details for which are below. Significant delays may be experienced where notices are delivered to the Clearing Systems and Noteholders are urged to contact the Information and Tender Agent for the relevant announcements during the course of the Offers.

Noteholders are advised to read carefully the Tender Offer Memorandum for full details of, and information on the procedures for, participating in the Offers.

None of the Dealer Managers has any role in relation to any Offer made to holders of Notes who are not Relevant Noteholders, where Relevant Noteholder means a holder of Notes that is (a) in a member state of the European Union (the EU), a "professional client" as defined in point (10) of Article 4(1) of Directive 2014/65/EU on markets in financial instruments (as amended from time to time) or (b) in a jurisdiction outside of the EU, an institutional holder under applicable local law and not a retail holder.

Questions and requests for assistance in connection with (i) the Offers may be directed (a) to the Dealer Managers by Relevant Noteholders; and (b) to the relevant Offeror by Noteholders that are not Relevant Noteholders (subject to such Offeror's rights as set out in the Tender Offer Memorandum), and (ii) the delivery of Tender Instructions may be directed to the Information and Tender Agent, the contact details for each of which are set out below.

HSBC Bank plc (Telephone: +44 20 7992 6237; Attention: Liability Management Group; Email: LM_EMEA@hsbc.com); J.P. Morgan Securities plc (Telephone: +44 20 7134 2468; Attention: Liability Management; Email: emea_lm@jpmorgan.com); NatWest Markets plc (Telephone: +44 20 7678 5222; Attention: Liability Management; Email: liabilitymanagement@natwestmarkets.com); and RBC Europe Limited (Telephone: +44 20 7029 7063; Attention: Liability Management Group; Email: liability.management@rbccm.com) are acting as Dealer Managers in respect of the Offers made to Relevant Noteholders.

Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Arlind Bytyqi; Email: tesco@lucid-is.com) is acting as Information and Tender Agent for the Offers.

This announcement is released by Tesco PLC and Tesco Corporate Treasury Services PLC and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offers described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Robert Welch, Group Company Secretary at Tesco PLC.

LEI Number: 2138002P5RNKC5W2JZ46

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Offers. If any Noteholder is in any doubt as to the contents of the Tender Offer Memorandum or the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender such Notes pursuant to the Offers. None of TCTS, Tesco, the Dealer Managers or the Information and Tender Agent or any of their respective directors, employees or affiliates makes any recommendation whether Noteholders should tender Notes pursuant to the Offers.

OFFER AND DISTRIBUTION RESTRICTIONS

The distribution of this announcement and/or the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum come(s) are required by each of the Offerors, the Dealer Managers and the Information and Tender Agent to inform themselves about, and to observe, any such restrictions. Nothing in this announcement nor the Tender Offer Memorandum constitutes (i) an offer to buy or a solicitation of an offer to sell the Notes (and tenders of Notes in the Offers will not be accepted from any Noteholders) in any circumstances in which such offer or solicitation is unlawful or (ii) an offer to sell or a solicitation of an offer to buy the New Notes. In those jurisdictions where the securities, blue sky or other laws require an Offer to be made by a licensed broker or dealer and any Dealer Manager or any of the Dealer Managers' respective affiliates is such a licensed broker or dealer in any such jurisdiction, such Offer shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the relevant Offeror in such jurisdiction (but only to any Noteholder that is a Relevant Noteholder).

No action has been or will be taken in any jurisdiction in relation to the New Notes that would permit a public offering of securities and the minimum denomination of the New Notes will be £100,000.

United States

The Offers are not being made, and will not be made, directly or indirectly in or into, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of or of any facilities of a national securities exchange of, the United States. This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone, the internet and other forms of electronic communication. The Notes may not be tendered in the Offers by any such use, means, instrumentality or facility from or within the United States or by persons located or resident in the United States. Accordingly, copies of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers are not being, and must not be, directly or indirectly mailed or otherwise transmitted, distributed or forwarded (including, without limitation, by custodians, nominees or trustees) in or into the United States or to any persons located or resident in the United States. Any purported tender of Notes in the Offers resulting directly or indirectly from a violation of these restrictions will be invalid and any purported tender of Notes made by a person located in the United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States will be invalid and will not be accepted.

Neither this announcement nor the Tender Offer Memorandum is an offer of securities for sale in the United States or to U.S. persons (as defined in Regulation S of the Securities Act (each a U.S. Person)). Securities may not be offered or sold in the United States absent registration under, or an exemption from the registration requirements of, the Securities Act. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons.

Each Noteholder participating in an Offer will represent that it is not located in the United States and is not participating in such Offer from the United States, or it is acting on a non-discretionary basis for a principal located outside the United States that is not giving an order to participate in such Offer from the United States. For the purposes of this and the above two paragraphs, United States means the United States of America, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands), any state of the United States of America and the District of Columbia.

Italy

None of the Offers, this announcement, the Tender Offer Memorandum or any other document or materials relating to the Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Italian laws and regulations. Each Offer is being carried out in Italy as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Noteholders or beneficial owners of the Notes that are located in Italy can tender Notes for purchase in the Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.

United Kingdom

The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers is not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order)) or persons who are within Article 43 of the Financial Promotion Order or any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

France

The Offers are not being made, directly or indirectly, to the public in the Republic of France (France). Neither this announcement, the Tender Offer Memorandum nor any other document or material relating to the Offers has been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d'investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés), other than individuals, acting for their own account, all as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier, are eligible to participate in the Offers. Neither this announcement nor the Tender Offer Memorandum has been or will be submitted for clearance to or approved by the Autorité des Marchés Financiers.

Belgium

None of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (Autoriteit voor financiële diensten en markten / Autorité des services marchés financiers) and, accordingly, the Offers may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of 1 April 2007 on public takeover bids as amended or replaced from time to time. Accordingly, the Offers may not be advertised and the Offers will not be extended, and none of this announcement, the Tender Offer Memorandum nor any other documents or materials relating to the Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than "qualified investors" in the sense of Article 10 of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets, acting on their own account. Insofar as Belgium is concerned, this announcement and the Tender Offer Memorandum have been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and the Tender Offer Memorandum may not be used for any other purpose or disclosed to any other person in Belgium.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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22nd Jan 20242:00 pmRNSDirector/PDMR Shareholding
22nd Jan 20247:00 amRNSTransaction in Own Shares
19th Jan 20247:00 amRNSTransaction in Own Shares
18th Jan 20247:00 amRNSTransaction in Own Shares
17th Jan 20247:00 amRNSTransaction in Own Shares
16th Jan 20247:00 amRNSTransaction in Own Shares
15th Jan 20241:15 pmRNSDirector/PDMR Shareholding
15th Jan 20247:00 amRNSTransaction in Own Shares
12th Jan 20247:00 amRNSTransaction in Own Shares
11th Jan 20247:14 amRNSTesco PLC Q3 & Christmas Trading Statement 2023/24
11th Jan 20247:00 amRNSQ3 and Christmas Trading Statement 2023/24.
11th Jan 20247:00 amRNSTransaction in Own Shares
10th Jan 20247:00 amRNSTransaction in Own Shares
9th Jan 20247:00 amRNSTransaction in Own Shares
8th Jan 20247:00 amRNSTransaction in Own Shares
5th Jan 20247:00 amRNSTransaction in Own Shares
4th Jan 20247:00 amRNSTransaction in Own Shares
3rd Jan 20247:00 amRNSTransaction in Own Shares
2nd Jan 20249:50 amRNSTransaction in Own Shares - Replacement
2nd Jan 20247:11 amRNSTransaction in Own Shares
2nd Jan 20247:00 amRNSTotal Voting Rights
29th Dec 20237:00 amRNSTransaction in Own Shares
28th Dec 20237:00 amRNSTransaction in Own Shares
27th Dec 20234:30 pmRNSDirector/PDMR Shareholding
27th Dec 20237:00 amRNSTransaction in Own Shares
22nd Dec 20237:00 amRNSTransaction in Own Shares
21st Dec 20237:00 amRNSTransaction in Own Shares
20th Dec 20237:00 amRNSTransaction in Own Shares
19th Dec 20237:00 amRNSTransaction in Own Shares
18th Dec 20235:19 pmRNSTransaction in Own Shares

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