LONDON (dpa-AFX) - British American Tobacco plc (BATS.L, BTI), on Monday, announced that it has commenced its programme to buyback BAT ordinary shares using proceeds from the sale of 436,851,457 ordinary shares in ITC Limited.
The final net proceeds received by the BAT Group were £1.57 billion and the Programme will buy back £1.60 billion of BAT ordinary shares starting with £700 million in 2024 and with the remaining £900 million in 2025. The Programme will commence on 18 March 2024 and will end no later than 31 December 2025.
The objective of the Programme is to reduce the issued share capital of the company. The shares that are purchased will be cancelled. The company has agreed with UBS AG London Branch to facilitate the purchase of Ordinary Shares for the initial stage of the Programme. UBS will purchase the company's ordinary shares as the principal, and the company will buy such a number of ordinary shares from UBS by the terms of the engagement.
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