British American Tobacco extends share buyback programme to £1.1bn

British American Tobacco (BTI) announced an extension to its share buyback programme, increasing the total amount allocated for repurchases to GBP1.1 billion. The extension, announced on May 28, 2025, is funded by the net proceeds from the block trade of 313,000,000 ordinary shares in ITC Limited to institutional investors. The company has entered into an irrevocable, non-discretionary agreement with UBS AG London Branch to purchase shares from July 1, 2025, to July 30, 2025. All repurchased shares will be cancelled, reducing the share capital of the Company. The maximum number of Shares that can be repurchased under the Programme, pursuant to shareholder authority, is 220,451,469 Shares (less the number of Shares subsequently purchased by the Company under the Programme since that authority was granted). The maximum price paid per share will be the higher of 105% of the average market value over the prior five days or the highest independent bid.