British American Tobacco p.l.c. (the
"Company")
12 December 2024
Share Buyback
Programme
Further to the share buyback programme
announcement on 18 March 2024 ("the Programme"), the Company
announces that it has entered into an irrevocable,
non-discretionary agreement with Merrill Lynch International to
purchase ordinary shares of the Company ("Shares") during the
closed period commencing on 2 January 2025 and ending at the close
of business on 12 February 2025, the day prior to the release of
its full year preliminary results.
Merrill Lynch International 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 the number of Shares subsequently
purchased by the Company under the Programme since that authority
was granted).
Any purchases of Shares by the Company in
relation to this announcement 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 9.6.1 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
