Reinet offers to sell 43.3M shares of British American Tobacco

Reinet Investments S.C.A. announced that its indirect subsidiary, Reinet Jersey Holdings Limited, has entered into a secondary block trade agreement with J.P. Morgan Securities for the sale of 43,310,286 ordinary shares in British American Tobacco (BTI), representing approximately 1.96% of BAT’s ordinary share capital, excluding treasury shares, as at close of business on January 10, through an accelerated bookbuild process to institutional investors. “The price per Placing Share and the number of Placing Shares to be sold will be determined pursuant to an accelerated bookbuild process, which will commence with immediate effect following this announcement and may close at any time at short notice. A further announcement will be made following the completion of the bookbuild and pricing of the Placing. The completion of the Placing is subject to demand, price and market conditions. Separate from the Placing, during November and December 2024, RJHL sold 5M BAT ordinary shares through a dribble-out process on the London Stock Exchange realising gross proceeds of some GBP 148.5M. J.P. Morgan is acting as Sole Global Coordinator and Bookrunner in connection with the Placing. BAT will not receive any proceeds from the Placing,” Reinet stated in its notice to the market on the terms.