REG - British Amer.Tobacco - Share Buyback – Non-Discretionary Agreement

British American TobaccoAnnouncement

01/05/2024 07:00

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RNS Number : 6796M  British American Tobacco PLC  01 May 2024

British American Tobacco p.l.c. (the "Company" or "BAT")

 

1 May 2024

 

Share Buyback - Non-Discretionary Agreement

 

Further to the share buyback programme announced by BAT on 18 March 2024 to
buy back £1.60bn of BAT ordinary shares starting with £700mn in 2024 and
with the remaining £900mn in 2025 (the "Programme"), the Company purchased
7,435,278 ordinary shares between 18 March 2024 and 30 April 2024 pursuant to
an agreement with UBS AG London Branch (the "Initial Stage"). The Initial
Stage of the Programme closed on 30 April 2024 and the Company today announces
that it has entered into an agreement with Merrill Lynch International
("Merrill Lynch") on a non-discretionary basis, to purchase shares during the
period commencing on 1 May 2024 and ending on 21 June 2024 (the "Second
Stage"). Both the Initial Stage and the Second Stage form part of the
Company's £700mn share buyback programme for 2024.

Merrill Lynch will make its trading decisions in relation to the Company's
securities independently of, and uninfluenced by, the Company.

The purpose of the Programme is to reduce the share capital of the Company.
The Company intends to cancel all shares purchased.

Any purchases of ordinary shares by the Company in relation to this
announcement will be conducted within certain pre-set parameters and in
accordance with the Company's general authority to repurchase shares granted
by its shareholders at the Company's 2024 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

John Harney: +44 (0)20 7845 1263

Jane Henderson: +44 (0)20 7845 1117

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