BRITISH AMERICAN TOBACCO PLC - Notification and Public Disclosure of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them
What this filing means
Twelve British American Tobacco executives, chief executive Tadeu Marroco among them, acquired small parcels of ordinary shares on 6 November 2026 through the trustee of the British American Tobacco Share Incentive Plan, using reinvested dividend income. Marroco's 36 shares cost £1,642.41 at £45.62258 each on the London Stock Exchange; the largest line is James Barrett's 59 shares (£2,691.73). The filing describes trustee acquisitions funded by dividends, not separate executive purchases.
BAT's Share Incentive Plan trustee used dividend income to acquire a handful of shares for twelve senior managers, including the chief executive — the biggest parcel is 59 shares. The filing does not describe any separate executive purchase decision, so this is a plan-related disclosure rather than a statement about whether the executives think the share is cheap or expensive.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
This is plan mechanics, not a signal. The shares were acquired by the trustee of the Share Incentive Plan using reinvested dividend income, and the filing describes no separate executive purchase decision — the parcels are tiny (36 shares for the CEO, 2 to 59 across the group) and carry no view on valuation. Treat it as a disclosure obligation met, not as insider conviction. So what: nothing changes in the investment case; this notice settles nothing beyond the plan's dividend reinvestment.
This notice discloses only acquisitions under the Share Incentive Plan's dividend-reinvestment mechanism and does not change the investment case.
Evidence from the filing
The shares were acquired by the plan trustee through dividend reinvestment, not by the executives.
“Acquisition of shares as a result of the reinvestment of dividend income by the Trustee of the British American Tobacco Share Incentive Plan.”
The chief executive's parcel was 36 shares at £45.62258.
“45.62258 36”
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