IMPERIAL BRANDS PLC
Legal Entity Identifier (LEI) No.
549300DFVPOB67JL3A42
30 October 2024
Imperial Brands
PLC share buyback tranche of up to £625 million
Imperial Brands PLC (the "Company") announced on
8 October 2024, that it intends to repurchase up to £1.25 billion
of shares in the period to 29 October 2025. 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.
To execute the first tranche of this buyback,
the Company has entered into an irrevocable and non-discretionary
arrangement with its broker Morgan Stanley & Co. International
Plc ("Morgan Stanley") to buy back up to £625 million of its shares
commencing from 30 October 2024 and expected to end no later than
29 April 2025 (the "Programme").
Under this arrangement, Morgan Stanley 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 Company intends to seek
renewal of the authority to repurchase shares at its 2025 AGM. The
Programme will also be effected within the parameters of the UK
Market Abuse Regulation and in accordance with Chapter 9 of the UK
Listing Rules of the Financial Conduct Authority. The Company
confirms that it currently has no unpublished inside
information.
ENDS
Contacts:
Tel:
Peter
Durman
+44 (0) 7970 328 903