6th Oct 2023 08:20
(Alliance News) - Imperial Brands PLC on Friday said its broker, Morgan Stanley & Co. International PLC, will source around GBP550 million of its shares under the first tranche of its new buyback programme.
This comes after the Bristol-based tobacco company had announced on Thursday a buyback of up to GBP1.1 billion shares, starting from Friday and running to September 2024. The first phase will run through to March of next year, Imperial Brands said on Friday.
The overall programme represents a 10% increase on last year's GBP1 billion buyback, when the company repurchased 52.1 million shares, or 5.5%, of its share capital. This was completed last month.
Under the new programme, a maximum of 94.2 million shares will be purchased, which would be worth GBP1.57 billion at the current market price.
Shares in Imperial Brands were up 1.4% at 1,664.50 pence each in London on Friday morning.
On Thursday, Imperial Brands also had said it expects full-year trading to be in line with expectations, reporting that net revenue grew by a low single-digit percentage in the financial year that ended September 30.
By Sabrina Penty, Alliance News reporter
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