Publication of Circular and Notice of GM

RNS Number : 7441Y

Tesco PLC

10 September 2015

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

10 September 2015

Tesco PLC

(the "Company")

Publication of Circular and Notice of General Meeting relating to the proposed disposal of Homeplus

On 7 September 2015, the Company announced that it had entered into a conditional agreement with entities established by a group of investors led by MBK Partners with respect to the disposal of Homeplus (the "Disposal").

The Company is pleased to announce that a circular to shareholders relating to the Disposal (the "Circular") has been published today.  The Circular will be sent to the Company's shareholders shortly and is available for viewing on the Company's website (www.tescoplc.com).

The Circular, which has been approved by the UK Listing Authority, contains a notice convening a general meeting of the Company to be held at Park Plaza Riverbank London, 18 Albert Embankment, London SE1 7TJ at 2:00 p.m. on 30 September 2015 (the "General Meeting"). 

Completion of the Disposal remains conditional on, amongst other things, the approval of the Company's shareholders at the General Meeting.  Further details of the Disposal are set out in the Circular, which includes the Board's unanimous recommendation that shareholders vote in favour of the Disposal.  Completion of the Disposal is expected to occur in calendar Q4 2015.

In accordance with Listing Rule 9.6.1R, a copy of the Circular and the accompanying form of proxy have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM. In addition, the Circular will be available for inspection during normal business hours on any weekday at the offices of the Company at Tesco House, Delamare Road, Cheshunt, Hertfordshire, EN8 9SL and at the offices of Freshfields Bruckhaus Deringer LLP at 65 Fleet Street, London EC4Y 1HS.

Enquiries:

Tesco

Investor Relations:     Chris Griffith               [phone]

Media:                        Tom Hoskin               [phone]

HSBC Bank plc (Lead Financial Adviser)

Charles Packshaw                                        [phone]

Rajeev Sahney                                              [phone]

Barclays Bank PLC, acting through its Investment Bank ("Barclays")

(Financial Adviser and Sponsor)

Alisdair Gayne                                               [phone]

Mark Todd                                                     [phone]

Cautionary statement

HSBC Bank plc, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and for no one else in connection with the matters described in this document and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in connection with the matters set out in this document.

Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and for no one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Disposal or any other matter referred to in this announcement.

This announcement is not intended to, and does not constitute, or form part of, any offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. Shareholders are advised to read carefully the formal documentation in relation to the Disposal once it has been despatched.  Any response to the proposals should be made only on the basis of the information in the formal documentation to follow.

 

END

 

 

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