British American Tobacco Plc (BTI,BATS.L), on Wednesday announced that it has entered into an agreement with Merrill Lynch International (MER) to repurchase its ordinary shares as part of its ongoing share buyback programme.
The company said the buyback will be conducted during the period from April 23 to June 29.
The company stated that Merrill Lynch will make trading decisions independently of and uninfluenced by the company.
The company said the purpose of the programme is to reduce its share capital, with all repurchased shares to be cancelled.
The company added that it will shift from daily to weekly disclosures of share repurchases in line with changes to UK Listing Rules.
British American Tobacco closed trading 2.68% lesser at GBp 4,111 on the London Stock Exchange.
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