REG - Imperial Brands PLC - Share Buyback Tranche of up to £550 million

Imperial BrandsAnnouncement

06/10/2023 07:00

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RNS Number : 8998O  Imperial Brands PLC  06 October 2023

IMPERIAL BRANDS PLC

 

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

 

6 October 2023

 

Imperial Brands plc share buyback tranche of up to £550 million

On 6 October 2022 Imperial Brands plc (the "Company") announced the start of
an ongoing share buyback programme. The first £1 billion buyback, which
repurchased 5.5% of the share capital during FY23, was successfully completed
on 11 September 2023.

 

On 5 October 2023, the Company announced it intends to repurchase up to £1.1
billion of shares in the period from 6 October 2023 to the end of September
2024.

 

The share buyback 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.

 

To execute the first tranche of this buyback, the Company has entered into an
irrevocable and non-discretionary arrangement with its broker Morgan Stanley
& Co. International Plc ("Morgan Stanley") to buyback up to £550 million
of its shares commencing from 6 October 2023 and expected to end no later than
28 March 2024 (the "Programme").

 

Under this arrangement, Morgan Stanley, 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 buyback is to reduce the 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 94,200,000 shares, less shares already
purchased, being the number of shares the Company is authorised to purchase
pursuant to the authority granted by shareholders at the Company's 2023 Annual
General Meeting.  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 - Investor Relations  +44 7970 328 903

 

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