London, May 4, 2026, 20:09 (BST)
- British American Tobacco issued 19,950 ordinary shares in April through its Sharesave scheme, a limited batch connected to an employee share program.
- With London markets closed for the Early May Bank Holiday, BAT’s LSE shares last changed hands at 4,329p, up 0.14%.
- BAT’s filing comes as the company keeps reducing its equity base via buybacks, all while facing off against Philip Morris and Altria in what’s become a more challenging nicotine market.
British American Tobacco announced the issue and allotment of 19,950 ordinary shares at 25 pence apiece through its Sharesave scheme between April 1 and April 30. The Lucky Strike, Dunhill and Vuse maker said these newly issued shares carry the same rights as its current ordinary shares.
It’s a minuscule figure—roughly 0.0009% of BAT’s voting shares. But right now, it’s drawing attention. Investors are weighing even minor movements on both fronts: small batches of employee shares being issued, buybacks being scrapped. The focus is on how BAT balances these adjustments, aiming to boost per-share returns as it bankrolls its move away from cigarettes.
According to a separate voting-rights notice, BAT counted 2,169,936,467 ordinary shares with voting rights on April 30, while 132,661,545 shares sat in treasury. Treasury shares belong to the company itself, not to outside holders. The voting-rights total, which shareholders use to check if they need to report any changes to their stake under UK regulations, remains unchanged.
Monday’s Early May Bank Holiday meant no trading on the London Stock Exchange, which marked the day as off-limits except for off-book reporting. Davy data had BAT closing its previous London session at 4,329p, up just 0.14%, after moving between 4,267p and 4,358p.
BAT’s share count kept slipping in April, according to a May 1 filing with the U.S. Securities and Exchange Commission. The document included several April “transaction in own shares” notices. On April 22, BAT announced it had brought in Merrill Lynch International to handle share buybacks from April 23 through June 29, after which those repurchased shares would be cancelled.
For shareholders, that’s the real takeaway. Back in December, BAT flagged that its 2026 results would likely land at the low end of its mid-term guidance, citing regulatory pressure and stiff U.S. vape competition dragging on momentum. Yet the company also mapped out a 1.3 billion pound buyback for 2026.
Competition is shifting quickly. Philip Morris International trimmed its annual profit outlook back on April 22, pointing to both regulatory questions about Zyn nicotine pouches and stepped-up rivalry from BAT’s Velo. Jefferies’ Andrei Andon-Ionita flagged persistent volume weakness for Zyn, saying “Velo will be the likely beneficiary.” Reuters
Last week, Altria topped Wall Street’s forecasts, helped by slowing Marlboro share declines and gains from its value brands. Citi’s Simon Hales described it as a “big beat,” according to Reuters. Altria also pointed to easing headwinds from unauthorized vapes. Reuters
The danger swings both directions. BAT figures unregulated products account for roughly 70% of the U.S. e-cigarette market, and back in February, CEO Tadeu Marroco told Reuters that a U.S. ban on certain disposable vapes likely wouldn’t meaningfully affect the business before early 2027, given the length of supply chains and inventory cycles.
BAT faces a finance shakeup as well, with Dragos Constantinescu set to take over as chief financial officer starting Sept. 1. The company is bringing him back after Soraya Benchikh’s sudden exit last year. Marroco highlighted Constantinescu’s international background and deep familiarity with BAT, calling them “key assets” for its medium-term growth plans. Reuters
Monday’s share issue isn’t a strategy shift—just routine. Still, as BAT runs buybacks, halts London trading, and stays locked in the nicotine pouch battle, that extra line on the share count in the filing could stay on investors’ radar.
