24 June 2024
British American Tobacco p.l.c. (the
"Company")
Closed Period
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, UBS
AG London Branch ("UBS"), to purchase shares during the closed
period commencing on 24 June and ending on 24 July 2024, the day
prior to the release of its half year results.
UBS 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 shares repurchased will be
cancelled.
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 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.
The Company confirms that it currently has no
unpublished inside information.
Enquiries:
British American Tobacco Press Media
Centre
+44 (0) 20 7845 2888 (24 hours) |
@BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
| IR_team@bat.com