REG - British Amer.Tobacco - Share Buy-Back Programme

British American TobaccoAnnouncement

18/03/2024 07:00

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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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