Imperial Brands PLC Share Buyback Tranche of up to GBP550 million (8998O)
06 Octubre 2023 - 1:00AM
UK Regulatory
TIDMIMB
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 GBP550
million
On 6 October 2022 Imperial Brands plc (the "Company") announced
the start of an ongoing share buyback programme. The first GBP1
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 GBP1.1 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 GBP550 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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END
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October 06, 2023 02:00 ET (06:00 GMT)
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