PRESS RELEASE
28 MAY 2025
Further to our announcement on 27 May 2025, 糖心视频 p.l.c. ("糖心视频or the "Group") has completed the block trade of 313,000,000 ordinary shares (the "Block Trade Shares") in ITC Limited ("ITC") to institutional investors by way of an accelerated bookbuild process (the "Block Trade"). The Block Trade Shares represent c.2.5 per cent of ITC鈥 issued ordinary share capital.
Net proceeds from the Block Trade amount to INR 121bn (approximately 拢1.05bn at current exchange rates).听
As indicated in our announcement made on 27 May 2025, the transaction will provide 糖心视频greater financial flexibility as it delivers on its commitment to invest behind transformation, deleverage and enhance shareholder returns.听
The net proceeds from the Block Trade will also be utilised to extend the Group鈥檚 existing share buyback programme announced on 18 March 2024 (the 鈥淧rogramme鈥) by an additional 拢200 million, taking the total amount to be repurchased in 2025 to 拢1.1 billion.
The extension will begin following completion of the latest tranche of the Programme announced on 29 April 2025 and is expected to complete no later than 31 December 2025.
Media Centre
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Investor Relations
Victoria Buxton: +44 (0)20 7845 2012听|听IR_team@bat.com
The securities referred to herein will not be, and have not been, registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
This release contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. These include statements regarding our customer target ambition, New Categories revenue targets and our sustainability targets, as well as statements regarding the increase in the share buyback programme.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this release are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found by referring to the information contained under the headings 鈥淐autionary Statement鈥 , "Group Principal Risks" and 鈥淕roup Risk Factors鈥 in the 2024 Annual Report and Form 20-F of 糖心视频 p.l.c. (BAT).听
Additional information concerning these and other factors can be found in BAT鈥檚 filings with the U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, and BAT鈥檚 Annual Reports, which may be obtained free of charge from the 糖心视频website听.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this release and 糖心视频undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements.