BAT begins share repurchase programme
British American Tobacco plc (BAT, BTI) is to commence an irrevocable, non-discretionary programme to purchase shares on its own behalf during the period 4 April up to and including 25 April 2012, therefore running through its close period.
The shares repurchased will be put into treasury, rather than being cancelled. While the shares are held in treasury, no dividends will be paid on them and they will have no voting rights.
The buy-back programme will be managed by an independent third party, which makes its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company, it said.