Interim Dividend & Quarterly Dividends Timetables

RNS Number : 3270D

British American Tobacco PLC

26 April 2017

 

British American Tobacco p.l.c. (the "Company")

PROPOSED INTERIM DIVIDEND TIMETABLE FOR THE YEAR ENDING 31 DECEMBER 2017 AND
INTRODUCTION OF QUARTERLY DIVIDEND PAYMENTS FROM 2018

Proposed dates in respect of the Interim Dividend for the year ending 31 December 2017

With particular reference to the Company's obligations in respect of the secondary listing of its ordinary shares on the JSE, please be advised that the proposed dates in respect of the interim dividend for the year ending 31 December 2017 are currently scheduled as follows:

2017
Thursday 27 July	Half-Year Report and declaration of interim dividend: amount of dividend per ordinary share in both sterling and rand; applicable exchange rate and conversion date - Tuesday 25 July 2017; plus additional applicable information as required in respect of South Africa Dividends Tax.
Thursday 27 July to Friday 18 August	From the commencement of trading on Thursday 27 July 2017 to Friday 18 August 2017 (inclusive), no removal requests in either direction between the UK main register and the South Africa branch register will be permitted.
Tuesday 15 August	Last Day to Trade or LDT (JSE)
Wednesday 16 August to Friday 18 August	From the commencement of trading on Wednesday 16 August 2017 to Friday 18 August 2017 (inclusive), no transfers between the UK main register and the South Africa branch register will be permitted; no shares may be dematerialised or rematerialised.
Wednesday 16 August	Ex-dividend date (JSE)
Thursday 17 August	Ex-dividend date (LSE)
Friday 18 August	Record date (LSE and JSE)
Thursday 7 September	Last date for receipt of Dividend Reinvestment Plan (DRIP) elections (UK main register only)
Thursday 28 September	Payment date (sterling and rand)

Notes: 

(1)   For holders of American Depositary Receipts (ADRs)(NYSE MKT symbol BTI), the record date for ADRs is also Friday 18 August 2017 with an ADR payment date of Tuesday 3 October 2017.

(2)   Any changes to the dates set out above will be announced. This timetable will be included in the Half-Year Report scheduled for release on Thursday 27 July 2017. 

Introduction of Quarterly Dividend Payments from 2018

With effect from 2018, the Company will move to four interim quarterly dividend payments.  The dividend amount will be announced as part of the Preliminary Results announcement for the year ending 31 December 2017 in February 2018 and will be paid in four equal instalments in May 2018, August 2018, November 2018 and February 2019.  As part of the transition to quarterly dividend payments, and to ensure shareholders receive the equivalent amount of total cash payments in 2018 as they would have under the previous payment policy, an additional interim dividend will be announced in December 2017 for payment in February 2018 and will be calculated as 25% of the total cash dividend paid in 2017.  The proposed payment dates, record dates and ex-dividend dates for the dividend payments are set out below.

Quarterly dividends will provide shareholders with a more regular flow of dividend income and will allow the Company to spread its substantial dividend payments more evenly over the year.  The dividends will align better with the cash flow generation of the Company and thus enable the Company to fund the payments more efficiently.

The Group's policy to pay dividends of 65% of long-term sustainable earnings, calculated with reference to the adjusted diluted earnings per share, remains unchanged.

Proposed dates for the second interim dividend payment and quarterly dividend payments for the year ending 31 December 2017

Event	Second Interim dividend	Quarterly Dividend Payments
		Payment Number 1	Payment Number 2	Payment Number 3	Payment Number 4
Ex-dividend date (JSE)	27 Dec 2017	20 Mar 2018	27 Jun 2018	3 Oct 2018	24 Dec 2018
Ex-dividend date (LSE)	28 Dec 2017	22 Mar 2018	28 Jun 2018	4 Oct 2018	27 Dec 2018
Record date	29 Dec 2017	23 Mar 2018	29 Jun 2018	5 Oct 2018	28 Dec 2018
Payment date	8 Feb 2018	9 May 2018	9 Aug 2018	15 Nov 2018	7 Feb 2019

Notes: 

(1)   The dates set out above are subject to any changes to public holidays arising and changes or revisions to the London Stock Exchange and JSE timetables.  Any changes to the dates will be announced.

(2)   For the purpose of the Company's secondary listing on the JSE, a full timetable of the salient dates for the second interim dividend will be announced in December 2017 and a full timetable for the quarterly dividend payments will be included in the Preliminary Results Announcement in February 2018. 

Name of duly authorised officer of issuer responsible for making notification: 

Nicola Snook

Company Secretary

British American Tobacco p.l.c.

26 April 2017

Enquiries:

Investor Relations

Mike Nightingale/Rachael Brierley/Sabina Marshman        

[phone]/1519/1781

British American Tobacco Press Office

Anna Vickerstaff                           

[phone]

 

END

 

 

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