Tesco Opens Compensation Scheme For Investors
UK retailer Tesco has announced that, as of today, it is opening its compensation scheme for eligible shareholders and bond holders.
The scheme was initially announced on 28 March 2017, after Tesco reached an agreement with the Financial Conduct Authority (FCA) regarding historic accounting irregularities, seeing it pay a financial penalty of £129 million.
Now the retailer is set to compensate investors who were net purchasers of Tesco shares or certain Tesco listed bonds between 29 August 2014 and 19 September 2014.
Each net purchaser of shares will be entitled to compensation of £0.245 per share purchased, plus interest of 1.25% per annum if the purchaser is an institutional investor or 4% per annum if s/he is a retail investor.
Tesco has appointed KPMG to administer the compensation scheme, with oversight from the FCA.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.