Diageo Signs Deal With UBS To Execute Share Buyback Program - Quick Facts

(RTTNews) - Diageo PLC (DGE.L, DEO) said that on 25 July 2019, its board approved a return of capital or ROC program to return up to 4.5 billion pounds to shareholders over the next three years.

The purpose of Diageo's buybacks is to reduce the share capital. The company will cancel all the repurchased shares.

Diageo said it has now entered into a non-discretionary agreement with the London Branch of UBS AG to execute the first phase of the ROC Program to enable the company to buy back shares.

This agreement will commence 1 August 2019 and is expected to end no later than 31 January 2020, and will be for a value of up to 1.25 billion pounds.

Diageo noted that UBS will make its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company.

Diageo will announce further execution phases of the ROC program in due course.