| Thu 12 Dec 2024, 9:00 | | BRITISH AMERICAN TOBACCO PLC - Share Buyback Programme |
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Share Buyback Programme
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
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
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Date: 12-12-2024 09:00:00
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