British American Tobacco (BATS)

[Dod101]

[...]in that transitional year of 2017 when we shareholders were deprived of about 25% of our dividends.
Dod

No, we were deprived of nothing, there was a fifth dividend that year as part of the transition (my emphasis)

With effect from 2018, the Company will move to four interim quarterly dividend payments. The dividend amount will be announced as part of the Preliminary Results announcement for the year ending 31 December 2017 in February 2018 and will be paid in four equal instalments in May 2018, August 2018, November 2018 and February 2019. As part of the transition to quarterly dividend payments, and to ensure shareholders receive the equivalent amount of total cash payments in 2018 as they would have under the previous payment policy, an additional interim dividend will be announced in December 2017 for payment in February 2018 and will be calculated as 25% of the total cash dividend paid in 2017.

https://www.investegate.co.uk/announcement/rns/british-american-tobacco--bats/interim-dividend-quarterly-dividends-timetables/4956812

Now that you mention it, I remember that. Where does that show in monabri’s chart though?
And main point is that we have an enormous delay in getting dividends into our bank accounts withe last payment for any calendar year not until at least 6 months beyond when it used to be paid.

Dod

[idpickering]

Tender Offer.

British American Tobacco p.l.c. ("BAT") announces today that B.A.T Capital Corporation, a corporation incorporated in the State of Delaware ("BATCAP"), Reynolds American Inc., a corporation incorporated in the State of North Carolina ("RAI") and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales ("BATIF" and, together with BATCAP and RAI, the "Offerors"), wholly owned subsidiaries of BAT, have commenced debt tender offers to purchase (the "Tender Offers") for cash in concurrently commenced but separate offers (each, an "Offer" and, collectively, the "Offers") the outstanding notes of the series described in the table below (the "Securities") in four separate pools (each, a "Pool" and, together, the "Pools") for an Aggregate Purchase Price (as defined in the Offer to Purchase) (excluding Accrued Interest (as defined in the Offer to Purchase)) for (i) both Offerors and all series of Securities within Pool 1 of up to $635,000,000, (ii) all Offerors and all series of Securities within Pool 2 of up to $750,000,000, (iii) both Offerors and both series of Securities within Pool 3 of up to $365,000,000 and (iv) both Offerors and both series of Securities within Pool 4 of up to $1,150,000,000, in each case based on the respective order of priority (the "Acceptance Priority Level") for such series within such Pool, as set forth in the table below. The Offers are subject to the relevant Pool Maximum Tender Amounts (as such amount may be increased or decreased) (as set out in the tables below) and subject to any relevant Sub-Cap (as set out in the table below).

https://www.investegate.co.uk/announcem ... er/7665853

Ian (I hold).

[idpickering]

Publication of Supplementary Prospectus.

Publication of Supplementary Prospectus

The following Supplementary Prospectus has been approved by the Financial Conduct Authority and is available for viewing:

Supplementary Prospectus dated 3 August 2023 (the "Supplementary Prospectus") relating to the £25,000,000,000 Euro Medium Term Note Programme of B.A.T. International Finance p.l.c., B.A.T Capital Corporation and B.A.T. Netherlands Finance B.V. (as Issuers) and British American Tobacco p.l.c. and each of the Issuers (except where it is the relevant Issuer) (as Guarantors).

The Supplementary Prospectus should be read and construed in conjunction with the Base Prospectus dated 14 March 2023 (the "Prospectus").

To view the Supplementary Prospectus, and the documents incorporated by reference therein, please paste the following URL into the address bar of your browser.

https://www.investegate.co.uk/announcem ... us/7674055

Ian (I hold).

[idpickering]

Result of Tender Offer.

British American Tobacco Announces Early Results of Its Previously Announced Capped Debt Tender Offers and Increase of the 2027 BATCAP Notes Sub-Cap and Pool Maximum Tender Amounts

London, United Kingdom; August 14, 2023 - British American Tobacco p.l.c. ("BAT") announces today the early results of the previously announced capped debt tender offers (the "Tender Offers") to purchase the debt securities listed in the table below (collectively, the "Securities") by B.A.T Capital Corporation, a corporation incorporated in the State of Delaware ("BATCAP"), Reynolds American Inc., a corporation incorporated in the State of North Carolina ("RAI") and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales ("BATIF" and, together with BATCAP and RAI, the "Offerors"), wholly owned subsidiaries of BAT.

In addition, the Offerors are increasing the maximum combined Aggregate Purchase Price (excluding accrued and unpaid interest) in the Tender Offers for all Offerors and all series of Securities within each Pool to an amount that is sufficient to allow the Offerors to purchase (a) with respect to Pool 1, (x) the entire principal amount of 2024 BATIF Notes and (y) $635 million principal amount of 3.222% 2024 BATCAP Notes, in each case validly tendered and not validly withdrawn prior to the Early Tender Deadline (such amended amount, the "Pool 1 Maximum Tender Amount"), (b) with respect to Pool 2, (x) the entire principal amount of 2025 BATIF Notes, (y) £150 million principal amount of 2025 BATCAP Notes and (z) $468 million principal amount of RAI Notes, in each case validly tendered and not validly withdrawn prior to the Early Tender Deadline (such amended amount, the "Pool 2 Maximum Tender Amount"), (c) with respect to Pool 3, the entire principal amount of 2026 BATIF Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline (such amended amount, the "Pool 3 Maximum Tender Amount") and (d) with respect to Pool 4, (x) $1,227 million principal amount of 2027 BATCAP Notes (such amended amount, the "2027 BATCAP Notes Sub-Cap") and (y) €155 million principal amount of 2027 BATIF Notes, in each case validly tendered and not validly withdrawn prior to the Early Tender Deadline (such amended amount, the "Pool 4 Maximum Tender Amount"). Except as provided above, the terms and conditions of the Tender Offers remain unchanged.

https://www.investegate.co.uk/announcem ... er/7694571

Ian.

[idpickering]

Russia business update - agreement signed.

In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws.

The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group.

Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion.

We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets.

BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023.

https://www.investegate.co.uk/announcem ... ed/7740289

Ian.

[Dod101]

Russia business update - agreement signed.

In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws.

The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group.

Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion.

We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets.

BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023.

https://www.investegate.co.uk/announcem ... ed/7740289

Ian.

IF that goes through that will surely be good news. Now where is Unilever in its talks?

Dod

[Tara]

Russia business update - agreement signed.

In March 2022 BAT announced that the ownership of our business in Russia was no longer sustainable in the current environment and that our intention was to transfer our business. BAT has now formally entered into an agreement to sell its Russian and Belarusian businesses in compliance with local and international laws.

The buyer is a consortium led by members of BAT Russia's management team which, upon completion, will wholly own both businesses. Post completion, these businesses will be known as the ITMS Group.

Throughout the transfer process one of our key priorities has been the interests of our colleagues in Russia and Belarus. As part of the agreement, their employment terms will remain comparable to their existing BAT terms for at least two years post-completion.

We anticipate that the transaction will complete within the next month, once certain conditions have been satisfied. Upon completion, BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets.

BAT remains confident of delivering its Full Year guidance as set out at our Half Year results on 26 July 2023.

https://www.investegate.co.uk/announcem ... ed/7740289

Ian.

So the business contributed almost £300 million in annual profit, and BAT has already taken an impairment charge of £957 million, and it is now sold for an undisclosed price.

Why is the price not disclosed to shareholders? Was it sold for billions or hundreds of millions? Or was it sold for £1 ?

Without a price and a proper calculation of the financial loss to BAT shareholders, it is difficult to see how this is anything but a huge loss for shareholders.

Their main rival Philip Morris also shows no sign of ever taking such a huge hit at the expense of their shareholders.

https://www.ft.com/content/656714b0-2e9 ... d834bc0e2b

[Dod101]

Whether this is a huge loss or not, I agree that we are lacking details. OTOH details will presumably be disclosed in due course and they had little option in all the circumstances.

Dod

[idpickering]

Russia business update - sale completed.

Further to our announcement on 7 September 2023, we have now completed the sale of our Russian and Belarusian businesses. The sale has been carried out in compliance with local and international laws and follows the receipt of all necessary approvals.

https://www.investegate.co.uk/announcem ... ed/7755431

Ian.

[monabri]

Sunak's announcements to consider the ban of cigarettes for the "next generation" - quite a drop in share price for BATS and IMB today.

"Rishi Sunak is considering introducing some of the world’s toughest anti-smoking measures that would in effect ban the next generation from ever being able to buy cigarettes"

"Whitehall sources said the prime minister was looking at measures similar to those brought in by New Zealand last December. They involved steadily increasing the legal smoking age so tobacco would end up never being sold to anyone born on or after 1 January 2009"

There you go, backing British shares Mr Sunak!

https://www.theguardian.com/society/202 ... generation

[Dod101]

Sunak's announcements to consider the ban of cigarettes for the "next generation" - quite a drop in share price for BATS and IMB today.

"Rishi Sunak is considering introducing some of the world’s toughest anti-smoking measures that would in effect ban the next generation from ever being able to buy cigarettes"

"Whitehall sources said the prime minister was looking at measures similar to those brought in by New Zealand last December. They involved steadily increasing the legal smoking age so tobacco would end up never being sold to anyone born on or after 1 January 2009"

There you go, backing British shares Mr Sunak!

https://www.theguardian.com/society/202 ... generation

These I guess are not the sort of shares that they are trying to encourage ownership of. In fact I think as and when they recover as I expect they will, I might even get rid of one or both, although of course they are now even better value for income investors.

Dod

[idpickering]

BAT Appoints Chief People Officer to the Management Board.

Further to the changes to the Management Board announced on 19 June 2023, Cora Koppe-Stahrenberg, has been appointed to the new role of Chief People Officer and will join the BAT Management Board with effect from 1 November 2023.

Bringing critical experiences from other sectors and industries, Cora was most recently Global Head of Human Resources of Fresenius Medical Care, a publicly listed global healthcare company with over 125,000 employees. While at Fresenius Medical Care, Cora established a new Global HR function, and implemented a global people strategy which focused on the creation of a collaborative and empowering culture delivered through a number of change initiatives. Previously, Cora held various international senior HR positions at Marsh & McLennan Companies, Emirates Investment Authority, and General Electric.

https://www.investegate.co.uk/announcem ... r-/7814098

Ian.

[MrFoolish]

BAT Appoints Chief People Officer to the Management Board.

Hard to imagine how the appointment of a "Chief People Officer" is going to affect someone's investment decision one way or t'other.

[baldchap]

Cora established a new Global HR function, and implemented a global people strategy which focused on the creation of a collaborative and empowering culture delivered through a number of change initiatives.

It is all word soup isn't it.
Another useless mouth at HR?

[Dod101]

Cora established a new Global HR function, and implemented a global people strategy which focused on the creation of a collaborative and empowering culture delivered through a number of change initiatives.

It is all word soup isn't it.
Another useless mouth at HR?

If BAT is really embracing this nonsense it is maybe time to think of bailing out of the investment.

Dod

[idpickering]

It is all word soup isn't it.
Another useless mouth at HR?

If BAT is really embracing this nonsense it is maybe time to think of bailing out of the investment.

Dod

I agree with all the comments above. The move from BATS is crass imho, but I'm not sure it would cause me to sell my BATS shares over it. Is anyone hereabouts seriously considering such a move due to this matter?

Ian.

[Dod101]

If BAT is really embracing this nonsense it is maybe time to think of bailing out of the investment.

Dod

I agree with all the comments above. The move from BATS is crass imho, but I'm not sure it would cause me to sell my BATS shares over it. Is anyone hereabouts seriously considering such a move due to this matter?

Ian.

Well I am not but at the same time, it tends to show a company that is not necessarily in the real world. Style over substance. needs careful watching.

Dod

[88V8]

I agree with all the comments above. The move from BATS is crass imho, but I'm not sure it would cause me to sell my BATS shares over it. Is anyone hereabouts seriously considering such a move due to this matter?

Well I am not but at the same time, it tends to show a company that is not necessarily in the real world. Style over substance. needs careful watching.

Personnel departments used to do what they were told.
Now they tell you what to do.

Typical big-company nonsense I'm afraid.

V8 (hold)

[seagles]

Might be part of BATS move to show ESG (Environmental, Social and Governance). A clear move towards showing that they are trying to implement ESG principles (the employee part anyway).

[idpickering]

Well I am not but at the same time, it tends to show a company that is not necessarily in the real world. Style over substance. needs careful watching.

Dod

I agree with your comments Dod thanks. I've been " needs careful watching" for all the years I've held BATS, and IMB too, whilst enjoying the income, and watching the capital value of my tobacco holdings sink. Wasn't it you who warned about "expensively bought income? BATS are down 3.7% as I type, and IMB less so. as I type. Mind you, a lower price raises the yield for buyers of the shares. But for now you can count me out as a buyer of either share right now. Thanks for your input you other guys above too. I'm hanging onto my tobacco shares, for now at least. No knee jerk reactions from me.

Ian.