On April 3rd, Imperial Brands PLC announced that it has instructed Barclays Bank Capital Securities Limited ("Barclays Bank") to purchase company shares amounting to no more than £500 million. This is part of the stock buyback plan announced by the company on October 6th, 2022.
The purpose of share buyback is to decrease the capital of the company, and all repurchased shares will be cancelled. The second batch of share buyback plan for the company is set to begin on April 3, 2023, and is scheduled to end no later than September 29, 2023.
Currently, the maximum number of shares that the company can buy back is 94.2 million shares minus the shares that have already been repurchased. The overall share repurchase plan accounts for 5.5% of its total issued shares.
On April 4th, Imperial Tobacco issued a press release outlining details of their share buyback program.
Stock disclosure: Imperial Brand Company - each share has a face value of 10 pence.
Buyback shares: 200,000.
Trade Date: April 3rd, 2023
The average price paid per share is £1,899.8560.
The minimum payment for each share is £1,879.0000.
The highest possible price per share is 1,914.0000 pounds sterling.
Brokerage Firm: Barclays Bank Capital Securities Limited ("Barclays Bank")
Our company intends to cancel those shares.
After purchasing, settling, and canceling these shares, the remaining issued ordinary shares will be 925,834,003 (excluding treasury shares).
References:
1. Share buyback transaction.
2. Total Voting Rights - This section pertains to the total number of voting rights that are available for a particular election or decision-making process.
The second installment of a share buyback program worth up to £500m.
Imperial has decided to implement a share-repurchase program worth $1.24 billion.
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