SI­MON SAYS

Finweek English Edition - - INVESTMENT -

can­not be good news for their African plans.

PPC price dou­bles and di­rec­tors con­tinue to buy back shares? BTI was buy­ing back at be­low R300 a share but con­tin­ues to do so above R500, it’s pay­ing twice what they were when the com­pany started, and the tax is­sue is no longer rel­e­vant as BTI would pay dou­ble for the shares, ef­fec­tively get­ting only half the value (and sav­ings) for share­hold­ers. At this price point giv­ing me, as a share­holder, the cash, even with a 15% Div­i­dend With­hold­ing Tax, would see me bet­ter off.

Bri­tish Amer­i­can To­bacco Plc

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