Reinet Jersey Holdings Limited Signs Agreement for BAT Shares Sale

Jan.15

Luxembourg investment company Reinet Investments SCA announced a bulk sale of British American Tobacco shares through JP Morgan Securities plc.

According to a report by Wallstreet-online on January 13th, Luxembourg investment company Reinet Investments SCA (hereinafter referred to as "Reinet") recently announced that its subsidiary Reinet Jersey Holdings Limited (hereinafter referred to as "RJHL") has signed a secondary bulk trading agreement with investment bank company J.P. Morgan Securities plc (hereinafter referred to as "JP Morgan"). Under the agreement, RJHL will sell 43,310,286 shares of British American Tobacco (BAT) common stock, representing approximately 1.96% of BAT's issued common stock (excluding treasury stock as of the close of trading on January 10, 2025).

The stock sale will be conducted through an accelerated bookbuilding process, with the sale price and number of shares sold determined based on the results of the process. Following the announcement, the accelerated bookbuilding process will start immediately and may end swiftly at any time. Further announcements will be made after the completion of the transaction. The completion of this transaction is contingent upon market demand, price, and market conditions.

In addition, in November and December of 2024, RJHL sold 5 million shares of BAT common stock through a gradual selling program on the London Stock Exchange, resulting in total proceeds of approximately £148.5 million. J.P. Morgan acted as the sole global coordinator and bookrunner in this large transaction.

References:

[1] PROPOSED SECONDARY PLACING OF SHARES IN BRITISH AMERICAN TOBACCO P.L.C. BY REINET.

Also Read:

[1] BAT to Host Capital Markets Day on October 16th

[2] BAT Sells 3.5% Stake in ITC for $2.1 Billion

[3] BAT Initiates Stock Buyback and ITC Share Sale

[4] BAT Considering Sale of Partial Stake in Indian ITC Company

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