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 |
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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. |
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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. |
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Tuesday 15 August |
Last Day to Trade or LDT (JSE) |
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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. |
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Wednesday 16 August |
Ex-dividend date (JSE) |
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Thursday 17 August |
Ex-dividend date (LSE) |
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Friday 18 August |
Record date (LSE and JSE) |
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Thursday 7 September |
Last date for receipt of Dividend Reinvestment Plan (DRIP) elections (UK main register only) |
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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
+44 20 7845 1180/1519/1781
British American Tobacco Press Office
Anna Vickerstaff
+44 20 7845 2888
