25 July 2024
British American Tobacco p.l.c. (the
"Company")
Share
Repurchase Programme
Further to the share buyback programme
announcement on 18 March 2024, the Company announces that it has
entered into an irrevocable, non-discretionary agreement with,
Goldman Sachs International ("GS"), to purchase ordinary shares of
the Company ("Shares") commencing on 25 July and ending on 14
October 2024.
GS will make its trading decisions in relation
to the Company's Shares independently of, and uninfluenced by, the
Company.
The purpose of the Programme is to reduce the
share capital of the Company. The Shares repurchased will be
cancelled. The maximum number of Shares permitted to be
purchased by the Company under the Programme, pursuant to the
authority granted by its shareholders at the Company's 2024 AGM, is
223,642,156 Shares (less all other Shares purchased by the Company
since that authority was granted).
Any purchases will be undertaken
within certain pre-set parameters, and in accordance with both the
Company's general authority to repurchase shares granted by its
shareholders at the Company's 2024 AGM, 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.
The maximum price which may be paid
for a Share is an amount (exclusive of taxes and expenses) equal to
the higher of:
- 105
per cent of the average market value of a Share as derived from the
LSE's Daily Official List for the five business days immediately
preceding the day on which the Share is purchased, in accordance
with Listing Rule 12.4.1 of the Listing Rules published pursuant to
Part 6 of the Financial Services and Markets Act 2000 ("FSMA") (the
"Listing Rules"); and
- the
higher of (i) the price of the last independent trade and (ii) the
highest current independent purchase bid on the trading venue where
the purchase is carried out, including when the shares are traded
on different trading venues, in accordance with Article 3(2) of
the UK Safe Harbour Regulation.
Enquiries:
Investor
Relations
Victoria Buxton: +44 (0)20 7845 2012
| IR_team@bat.com