REG - Imperial Brands PLC - Launch of second share buyback tranche 2024

Imperial BrandsAnnouncement

11/03/2024 07:00

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RNS Number : 2448G  Imperial Brands PLC  11 March 2024

IMPERIAL BRANDS PLC

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

11 March 2024

 

Imperial Brands PLC second share buyback tranche of up to £550 million

Following the completion of its £1 billion share repurchase programme in
FY23, Imperial Brands PLC (the "Company") announced on 5 October 2023, that it
intends to repurchase up to £1.1 billion of shares in the period from 6
October 2023 to the end of September 2024. This is part of the Company's
commitment to an ongoing, multi-year buyback programme that will deliver a
material reduction in the capital base over time, which, together with our
progressive dividend policy, will provide an ongoing source of shareholder
returns.

The share repurchase programme is in line with the Company's policy to
distribute surplus capital to shareholders, having maintained leverage at the
lower end of its 2.0-2.5 times net debt to EBITDA target range and with the
intention to remain at this level going forwards.

The first tranche of the current share repurchase programme has been executed.
To execute the second tranche of this share repurchase programme, the Company
has entered into an irrevocable and non-discretionary arrangement with
Barclays Capital Securities Limited ("Barclays") to repurchase up to £550
million of its shares commencing from 11 March 2024 and expected to end no
later than 29 October 2024 (the "Programme"), which is slightly longer than
originally envisaged.

Under this arrangement, Barclays will act as riskless principal and will make
decisions under the Programme independently from the Company. Purchases may
continue during any closed period to which the Company is subject. The purpose
of the share repurchase programme is to reduce the share capital of Imperial
Brands. All shares repurchased as part of this arrangement will be cancelled.

Share purchases will take place in open market transactions and be carried out
on the London Stock Exchange and/or other recognised investment exchange(s)
and may be made from time to time depending on market conditions, share price,
trading volume and other factors.

Any purchases of ordinary shares by the Company in relation to this
announcement will be effected within certain pre-set parameters and in
accordance with (and subject to the limits prescribed by) the Company's
general authority to repurchase shares. The maximum number of shares that may
be repurchased under the Programme is 88,800,000 shares, less shares already
repurchased since the date of the Company's 2024 Annual General Meeting
("AGM"), being the number of shares the Company is authorised to purchase
pursuant to the authority granted by shareholders at the Company's 2024 AGM.
The Programme will also be effected within the parameters of the UK Market
Abuse Regulation and in accordance with Chapter 12 of the Financial Conduct
Authority's Listing Rules. The Company confirms that it currently has no
unpublished inside information.

 

ENDS

 

Contacts:
Tel:

Peter
Durman
+44 (0) 7970 328 903

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