IMPERIAL BRANDS PLC
Legal Entity Identifier (LEI) No.
549300DFVPOB67JL3A42
11 March 2024
Imperial Brands
PLC second share buyback tranche of up to £550
million
Following the completion of its £1 billion share
repurchase programme in FY23, Imperial Brands PLC (the "Company")
announced on 5 October 2023, that it intends to repurchase up to
£1.1 billion of shares in the period from 6 October 2023 to the end
of September 2024. This is part of the Company's commitment to an
ongoing, multi-year buyback programme that will deliver a material
reduction in the capital base over time, which, together with our
progressive dividend policy, will provide an ongoing source of
shareholder returns.
The share repurchase programme is in line with
the Company's policy to distribute surplus capital to shareholders,
having maintained leverage at the lower end of its 2.0-2.5 times
net debt to EBITDA target range and with the intention to remain at
this level going forwards.
The first tranche of the current share
repurchase programme has been executed. To execute the second
tranche of this share repurchase programme, the Company has entered
into an irrevocable and non-discretionary arrangement with Barclays
Capital Securities Limited ("Barclays") to repurchase up to £550
million of its shares commencing from 11 March 2024 and expected to
end no later than 29 October 2024 (the "Programme"), which is
slightly longer than originally envisaged.
Under this arrangement, Barclays will act as
riskless principal and will make decisions under the Programme
independently from the Company. Purchases may continue during any
closed period to which the Company is subject. The purpose of the
share repurchase programme is to reduce the share capital of
Imperial Brands. All shares repurchased as part of this arrangement
will be cancelled.
Share purchases will take place in open market
transactions and be carried out on the London Stock Exchange and/or
other recognised investment exchange(s) and may be made from time
to time depending on market conditions, share price, trading volume
and other factors.
Any purchases of ordinary shares by the Company
in relation to this announcement will be effected within certain
pre-set parameters and in accordance with (and subject to the
limits prescribed by) the Company's general authority to repurchase
shares. The maximum number of shares that may be repurchased under
the Programme is 88,800,000 shares, less shares already repurchased
since the date of the Company's 2024 Annual General Meeting
("AGM"), being the number of shares the Company is authorised to
purchase pursuant to the authority granted by shareholders at the
Company's 2024 AGM. The Programme will also be effected within the
parameters of the UK Market Abuse Regulation and in accordance with
Chapter 12 of the Financial Conduct Authority's Listing Rules. The
Company confirms that it currently has no unpublished inside
information.
ENDS
Contacts:
Tel:
Peter
Durman
+44 (0) 7970 328 903