British American Tobacco p.l.c. ("BAT" or the "Company") is pleased to announce that the acquisition by a subsidiary of the Company, of the remaining 57.8% of Reynolds American Inc. ("Reynolds") not already held by the Company and its subsidiaries (the "Proposed Acquisition") has been approved by BAT shareholders. Reynolds has also announced that its shareholders have approved the Proposed Acquisition.
BAT's Chief Executive, Nicandro Durante, commented:
"We are delighted with the overwhelming support we have received, both from BAT shareholders and from Reynolds shareholders. The transaction is expected to complete on or around 25 July. We look forward to welcoming Reynolds group employees to British American Tobacco and to realising the benefits of operating these two great companies as one stronger, global tobacco and Next Generation Products business with direct access for our products across the most attractive markets in the world."
On the day of completion, BAT's American Depositary Shares will cease trading on the New York Stock Exchange MKT and commence trading on the New York Stock Exchange under the existing trading symbol "BTI".
The General Meeting of the Company was held at Hilton London Bankside, 2-8 Great Suffolk Street, London SE1 0UG on 19 July 2017 at 2.00pm.
The resolution to approve the Proposed Acquisition and give the directors authority to allot BAT ordinary shares in connection with the Proposed Acquisition (the "Resolution") was passed at the Company's General Meeting.
The table below sets out the results of the poll on the Resolution. Each shareholder present in person or by proxy was entitled to one vote per share. Resolution 1
Approval of the Proposed Acquisition and authority for directors to allot shares in connection with the Proposed Acquisition For - Note (b) 1,456,354,848 Percent of Votes Cast 99.90% Percent of Issued Share Capital 78.11% Against 1,512,338 Percent of Votes Cast 0.10% Percent of Issued Share Capital 0.08% Total Votes Cast (Excl. Votes Withheld) 1,457,867,186 Percent of Issued Share Capital 78.19% Votes Withheld - Note (c) 7,014,348 Enquiries
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