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Imperial Brands to reduce stake in Logista

07 September 2017 07:53

Imperial Brands plans to reduce its stake in Companía De Distribucion Integral Logista Holdings through a placing of up to 13,275,000 ordinary shares and use up to £160m of the proceeds to buyback its own shares.

The placing shares are held indirectly by Imperial Brands and represent up to approximately 10% of Logista's existing issued ordinary share capital.

After the placing, Imperial Brands would indirectly hold 79,650,001 Logista shares - around 60% of Logista's issued share capital.

Chief financial officer Oliver Tant said: "Logista continues to perform strongly and we have taken this opportunity to realise further value from the business and use the proceeds to buy-back Imperial Brands shares and reduce net debt, underpinning our commitment to creating sustainable value for our shareholders.

"Our continued strong cash generation enables us to use a portion of the proceeds to buy-back our own shares, redeploying capital in an efficient manner.

"We said at our half year that Imperial Brands would deliver a stronger second half performance and this is being reflected in further improvements to our share trends and quality of growth in many priority markets, as we continue to step up investment behind our Growth and Specialist Brands.

"We are delivering against our strategic priorities and remain focused on maintaining our growth momentum over the final weeks of the financial year."

Story provided by StockMarketWire.com

Related Company: IMB

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