Zimbabwe: Tobacco Company Seeks Nod to Buy Back Shares

Source from:  The Herald (Harare) 8 May 2007 05/10/2007

BRITISH American Tobacco Zimbabwe will be seeking shareholder approval at the company's forthcoming annual general meeting to buy back its shares. The company expects to purchase back a maximum of 10 percent of the ordinary shares in issue before the date of the resolution. BATZ said the price at which the ordinary shares will be acquired shall be 20 percent above and 25 percent below the closing price at which the ordinary shares last traded on the Zimbabwe Stock Exchange. The share buyback is one of several resolutions to be tabled at the company's AGM pencilled in for the end of this month. The company will also seek the green light from its shareholders to re-elect directors who are retiring, approve the directors' fees and to receive and adopt the financial statements for the year ended December 31 2006 together with the report of the directors and auditors, among other items. Company secretary Mrs Flora Chinhaire said the maximum and minimum prices at which ordinary shares may be acquired shall be 20 percent above and 25 percent below the closing traded price. The approval will open the way in terms of Section 79 of the Companies Act for BATZ to purchase its own shares on terms and conditions determined by the company's directors. A subsidiary of BAT -- one of the world's largest listed cigarette manufacturers -- BATZ wholly owns Export Leaf Tobacco Company, which buys and sells tobacco. Enditem