BATs Plans to Declare Quarterly Dividends from 2018
April 26 2017 - 2:51AM
Dow Jones News
By Ian Walker
LONDON--British American Tobacco PLC (BATS.LN) said Wednesday it
plans to move to quarterly dividend payments next year, with the
first declared in February 2018 alongside its 2017 earnings.
The owner of Dunhill and Lucky Strike added that as part of the
transition, it will declare an extra interim dividend this
December, payable next February and calculated as 25% of the total
cash dividend paid in 2017.
It plans to declare quarterly dividends in four equal
installments in May 2018, August 2018, November 2018 and February
2019.
BATs added that its policy to pay dividends of 65% of long-term
sustainable earnings, calculated against adjusted diluted earnings
per share, remains unchanged.
"Quarterly dividends will provide shareholders with a more
regular flow of dividend income and will allow the company to
spread its substantial dividend payments more evenly over the
year," BATs said.
It added that the dividends will align better with the cash flow
generation of the company, enabling it to fund the payments more
efficiently.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 26, 2017 02:36 ET (06:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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