12th Oct 2023 07:00
Diageo commences new share buy-back programme
12 October 2023: Diageo plc (Diageo) today announces the commencement of its new share buy-back programme, as announced in Diageo's preliminary results for the fiscal year ended 30 June 2023. This share buy-back programme will return up to $1.0 billion of capital to shareholders and is to be completed before the end of fiscal 24.
Diageo is announcing today that it has entered into a non-discretionary agreement with Merrill Lynch International to enable the company to buy-back shares with an aggregate value of up to $1.0 billion (net of any fees payable to or by Merrill Lynch International under the terms of the agreement). This agreement will commence on 12 October 2023 and will end no later than 26 June 2024. 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 additional return of capital programme during the second half of fiscal 23 that ended on 2 June 2023, in which £0.5 billion of capital was returned to shareholders.
Further details of the return of capital programme
Merrill Lynch International 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 buy-backs 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 buyback programme, under which up to $1.0 billion of shares will be repurchased, will occur within the limitations of Diageo's existing general authority to repurchase up to 224,704,974 shares granted at its 2023 Annual General Meeting. 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.
For further information please contact:
Investor relations:
Durga Doraisamy +44 (0) 7902 126 906
Andy Ryan +44 (0) 7803 854 842
Brian Shipman +1 (0) 917 710 3007
Media relations:
Claire Cavana +44 (0) 7751 742 072
Isabel Batchelor +44 (0) 7731 988 857
About Diageo
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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Diageo plc LEI: 213800ZVIELEA55JMJ32
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