Reinet Proposes Secondary Placing of BAT Shares

Reinet Investments S.C.A. has announced a proposed secondary placing of 43,310,286 shares in British American Tobacco p.l.c. (BAT) by its subsidiary, Reinet Jersey Holdings Limited. These shares represent approximately 1.96% of BAT's ordinary share capital. The sale will be conducted through an accelerated bookbuild process managed by J.P. Morgan Securities plc, acting as the sole global coordinator.

The bookbuild process, meant for institutional investors, will determine the share price and may close without notice. This follows a previous sale by Reinet Jersey Holdings, which realized £148.5 million from selling 5 million BAT shares. The current placing aims to target qualified investors, adhering to regulatory requirements in various jurisdictions.

Despite the transaction, British American Tobacco will not receive any proceeds. The placing remains subject to demand and market conditions, with no public offering planned in the United States, United Kingdom, or elsewhere.