Imperial Brands Plc (IMBBY.PK,ITB.DE,IMB.L) Thursday announced the launch of a share buyback program of up to 725 million pounds of its shares beginning from October 30 and projected to end not later than April 30 next year.
This buyback is the first tranche of its earlier announced share buyback of up to 1.45 billion pounds of shares until October 28, 2026.
The British tobacco company said that it has signed an agreement with its broker Morgan Stanley & Co. to conduct the first tranche of the share buyback. The purpose of the share repurchase programme is to reduce the company's share capital and all the shares repurchased as part of the arrangement will be cancelled, Imperial Brands added.
The company said that it is allowed to buyback up to 83.85 million shares under the current share repurchase programme, the limit for which was approved by shareholders at the 2025 Annual General Meeting.
As earlier announced by Imperial Brands, the share buyback programme, which will run till 2030 is expected to distribute surplus capital to shareholders, with the company having attained leverage at the lower end of its 2.0-2.5 times net debt to EBITDA target range and with the intention to remain at this level in the near future.
On the LSE, IMB.L is down 0.53 percent on Thursday's trading at 3,028.00 pence.
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