Big 4 grocer Tesco has confirmed the appointment of HSBC Bank to repurchase shares of the value of up to £100 million as part of its existing £750 million buyback programme.
The agreement allows the bank to repurchase shares, together with any other ordinary shares in the company, purchased on the its behalf.
The move is in accordance with the company’s current buyback authority granted by shareholders at its 2022 AGM.
According to Tesco, these share purchases will be made on the Tesco’s behalf and in accordance with the arrangement and, in the case of any purchases made during closed periods, shall be made “independently of and uninfluenced” by the company.
The news comes as Tesco warned its full-year results will be lower than expected as profits plummet and ongoing inflationary pressures continue.
However, the UK’s largest supermarket has continued to focus on investing in growth as it raises staff pay and announces price freezes across hundreds of product lines.
