British American Tobacco PLC Share Buy-Back Programme
18 Mars 2024 - 8:00AM
RNS Regulatory News
RNS Number : 1404H
British American Tobacco PLC
18 March 2024
British American Tobacco p.l.c. (the
"Company" or "BAT")
18 March 2024
SHARE
BUY-BACK PROGRAMME
As previously announced on 13 March
2024, BAT today commences its programme to buyback BAT ordinary
shares (the "Programme") using proceeds from sale of 436,851,457
ordinary shares in ITC Limited. The final net proceeds received by
the BAT Group were £1.57bn and the Programme will buy back £1.60bn
of BAT ordinary shares starting with £700mn in 2024 and with the
remaining £900mn in 2025. The Programme will commence on 18 March
2024 and will end no later than 31 December 2025.
The purpose of the Programme is to
reduce the issued share capital of the Company. The purchased
shares will be cancelled. The Company has entered into an agreement
with UBS AG London Branch ("UBS") to enable the purchase of
Ordinary Shares for the initial stage of the Programme. UBS will
purchase the Company's ordinary shares as principal and the Company
will purchase such number of ordinary shares from UBS in accordance
with the terms of the engagement.
The number of ordinary shares
permitted to be purchased by the Company, pursuant to the authority
granted by the shareholders at the annual general meeting of the
Company on 19 April 2023 (the "2023 AGM"), is 223,590,721 ordinary
shares. The Programme will be carried out on Recognised Investment
Exchanges within the UK. For the avoidance of doubt, no repurchases
will be made in respect of the Company's American Depositary
Receipts.
Any purchases of ordinary shares by
the Company in relation to this announcement will be conducted in
accordance with the Company's general authority to repurchase
shares granted by its shareholders at the Company's 2023 AGM and
any further approvals to repurchase shares as may be granted by its
shareholders from time to time, the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (2016/1052), in
each case as such legislation forms part of domestic law by virtue
of section 3 of the European Union (Withdrawal) Act 2018 (as
amended) and Chapter 12 of the Financial Conduct Authority's
Listing Rules and will be discontinued in the event the Company
ceases to have the necessary general authority to repurchase
ordinary shares.
Enquiries:
British American Tobacco Press Media Centre
+44 (0) 20 7845 2888 (24 hours) |
@BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845
2012
Amy Chamberlain: +44 (0)20 7845
1124
Yetunde Ibe: +44 (0)20 7845
1095
John Harney: +44 (0)20 7845
1263
Jane Henderson: +44 (0)20 7845
1117
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END
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