London, May 4, 2026, 20:09 (BST)
- British American Tobacco handed out 19,950 ordinary shares in April, tied to its Sharesave scheme—part of an employee stock plan with a restricted allocation.
- London markets were shut for the Early May Bank Holiday, leaving BAT’s LSE shares last traded at 4,329p, a 0.14% gain.
- BAT filed as it continues chipping away at its equity base through buybacks, even as tougher nicotine market conditions pit the company against Philip Morris and Altria.
British American Tobacco has issued and allotted 19,950 ordinary shares at 25 pence each under its Sharesave scheme during the period from April 1 to April 30. The company, known for brands like Lucky Strike, Dunhill, and Vuse, noted that these shares will carry identical rights to its existing ordinary shares.
The number comes in tiny—just 0.0009% of BAT’s voting shares. Still, it’s in the spotlight. Investors are scrutinizing every tweak: a few employee shares granted here, buybacks taken off the table there. Market watchers are zeroed in on BAT’s approach as it shifts capital, trying to lift per-share returns while steering away from cigarette sales.
BAT reported 2,169,936,467 ordinary shares with voting rights as of April 30, per a separate voting-rights notice. Another 132,661,545 shares are held in treasury—these aren’t counted as they’re owned by the company itself. The voting-rights figure, used by shareholders to determine whether their stake requires disclosure under UK rules, hasn’t moved.
The London Stock Exchange was shut Monday for the Early May Bank Holiday, limiting action to off-book reporting only. BAT had ended its prior London session at 4,329p, a slim 0.14% gain, after drifting between 4,267p and 4,358p, according to Davy data.
BAT’s share tally dropped again in April, per a May 1 filing with the U.S. Securities and Exchange Commission. The filing detailed multiple “transaction in own shares” notices from that month. Then on April 22, BAT said Merrill Lynch International would oversee its share buybacks between April 23 and June 29; those reacquired shares, BAT noted, are set for cancellation.
That’s the bottom line for shareholders. In December, BAT warned that its 2026 numbers would probably hit the lower edge of its medium-term outlook, blaming both regulatory headaches and tough U.S. vape rivals for slowing things down. Still, BAT laid out plans for a 1.3 billion pound buyback set for 2026.
Competitive dynamics are changing fast. On April 22, Philip Morris International cut its full-year profit forecast, citing regulatory uncertainty swirling around Zyn nicotine pouches and tougher competition from BAT’s Velo. Jefferies analyst Andrei Andon-Ionita pointed to ongoing soft volumes for Zyn, adding, “Velo will be the likely beneficiary.” Reuters
Altria blew past analyst estimates last week, as Marlboro’s market share slip slowed and value brands picked up steam. Citi’s Simon Hales called it “a big beat,” Reuters reported. The company flagged some relief on the pressure from unauthorized vapes. Reuters
The risk isn’t one-sided. BAT estimates about 70% of the U.S. e-cigarette market is made up of unregulated products. CEO Tadeu Marroco, speaking to Reuters in February, said a U.S. ban on some disposable vapes probably wouldn’t hit the business in any meaningful way before early 2027, pointing to lengthy supply chains and inventory cycles.
BAT is shaking up its finance leadership again. Dragos Constantinescu will step in as chief financial officer on Sept. 1, returning after Soraya Benchikh’s abrupt departure last year. Marroco pointed to Constantinescu’s global experience and long history with BAT, describing those as “key assets” for driving the company’s medium-term growth plans. Reuters
Monday’s share issue is business as usual, not a change in direction. Yet with BAT juggling buybacks, suspending London trading, and still knee-deep in the nicotine pouch fight, that new entry in the share count filing might not escape investors’ notice for long.
