TIDMDGE

RNS Number : 6631T

Diageo PLC

26 November 2021

Diageo announces the next tranche of its return of capital programme

Diageo plc (Diageo) today announces that it is commencing the next tranche of its previously announced return of capital (ROC) programme of up to GBP4.5 billion to shareholders by 30 June 2024.

Under the first phase of the ROC programme, which was completed on 31 January 2020, Diageo repurchased shares to a value of GBP1.25 billion. Diageo initiated the second phase of its ROC programme of up to GBP1.0 billion on 12 May 2021, to be completed by the end of fiscal 22. Under the first tranche of the second phase, which was

completed on 12 November 2021, Diageo repurchased shares to a value of GBP0.45   billion.

Diageo is announcing today that it has entered into a non-discretionary agreement with Goldman Sachs International (GSI) to enable the company to buy back shares with a value of up to GBP0.55 billion. This agreement will commence on 26 November 2021 and will end no later than 4 March 2022. The purpose of the repurchases is to reduce the share capital of Diageo and all shares repurchased under this agreement will be cancelled.

Further execution phases of the ROC programme, utilising the most appropriate mechanic of either share buybacks or special dividends depending on market conditions, will be announced in due course.

Further details of the return of capital programme

GSI 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 buyback tranche of up to GBP0.55 billion will take place within the limitations of Diageo's existing general authority to repurchase up to 233,611,282 shares granted at its 2021 annual general meeting. After taking account of the number of shares bought back under the first tranche of the second phase of the ROC programme, the maximum number of shares that can be bought back under this authority under the second tranche of the second phase of the ROC programme is 231,359,356.

For further information please contact:

Investor relations:

   Durga Doraisamy                                                              +44 (0) 7902 126 906

Lucinda Baker +44 (0) 7974 375 550

Belinda Brown +44 (0) 7590 810 246

investor.relations@diageo.com

Media relations :

Jessica Rouleau +44 (0) 7925 642 561

press@diageo.com

About Diageo

Diageo is a global leader in beverage alcohol with an outstanding collection of brands including Johnnie Walker, Crown Royal, J&B, Buchanan's and Windsor 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.

Celebrating life, every day, everywhere.

Diageo plc LEI: 213800ZVIELEA55JMJ32

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCEAFFSAASFFAA

(END) Dow Jones Newswires

November 26, 2021 02:00 ET (07:00 GMT)

Diageo (LSE:DGE)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Diageo Charts.
Diageo (LSE:DGE)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Diageo Charts.