Tag: london

BAT Moving Listing Would be ‘Distraction’

BAT CEO Tadeu Marroco dismissed the idea of moving the company’s listing to New York from London, stating that it “would create a lot of distraction internally,” according to the Financial Times. Marroco also noted that he wasn’t sure “the benefit would be as evident as some suggest.”
In 2023, Rajiv Jain, chair and chief investment officer of U.S. investment group GQG Partners, which at its peak owned 4 percent of BAT stock, urged BAT to switch its primary listing to the U.S. Jain argued that Philip Morris International, which GQG Partners also owns a stake in, trades at a much higher earnings multiple.
GQG Partners sold out of BAT in July 2023 due to BAT’s refusal to move its listing.
Marroco said in regards to the possibility of moving the company’s listing, “I don’t think that in this period of time, we should be focused on this.” He noted that he has “many other things” he needs to do and that “There is nothing to suggest that … it’s a no-brainer to go to the U.S.”
While Marroco acknowledged that London’s capital markets are struggling to attract and retain listings, he noted that there are advantages to staying in the U.K.
“If you have a shareholding of a U.K. [listed company] and you are located outside, you don’t pay withholding tax on your dividends, which is different from the U.S.,” he said.
“Hopefully, we can see that in 10 years’ time, we don’t have this type of discussion. Today, there’s a lot of emotion that relates to it because of the frustration of some that are leaving.”
BAT recently announced a sale of part of its stake in ITC to restart BAT’s share buyback program. “What’s most important for me is that having restarted the buyback, this should be a consistent feature in terms of our capital allocation,” said Marroco.
“We have a massive business in the U.S. that we can use to sell [new products],” he said. BAT’s U.S. cigarette sales have fallen, driven by consumers switching to cheaper brands and cigarette alternatives such as heated-tobacco products. By 2035, BAT aims to have 50 percent revenue from alternative products.
March 18, 2024
Screening ‘Snus Movie’ Opens Dialogue

Image: Mr. Music
On Nov. 15, 2023, We Are Innovation hosted the avant-premiere of the documentary How Sweden Quit Smoking at the Royal Society of Arts House in London. In addition to the screening of the documentary, attendees had the opportunity to enjoy an expert panel dialogue, dinner and networking with public health experts, advocates, activists and think-tankers from all over the world.
Directed by the Polish filmmaker Tomasz Agencki, How Sweden Quit Smoking delves deep into Sweden’s journey toward becoming a smoke-free country. The documentary shines a light on the personal determination, innovation and human creativity that propelled the Swedish people to achieve a milestone unmatched in contemporary times. This film combines the perspectives of scholars, medical doctors, innovators and activists, presenting a diverse range of voices that echo the expressions of artists. Through compelling storytelling, How Sweden Quit Smoking unveils the intricate interplay of science, politics, history and personal responsibility at the heart of this transformative journey.
“We are incredibly thrilled to bring this important documentary to a wide audience,” said We Are Innovation’s CEO, Federico Fernandez, in a statement. “Sweden’s smoke-free journey beautifully embodies innovation that solves problems and benefits society. By providing smokers safer alternatives, their model is making smoking obsolete and freeing human potential previously hindered by tobacco-related disease and death. We hope the Swedish experience catalyzes similar lifesaving innovations worldwide.”
Agencki said, “This film gives deserved recognition to the unsung heroes—the unrecognized innovators who take action to make our world healthier. Sweden’s remarkable smoke-free transformation was driven by cooperative creativity, personal initiative and a shared spirit of progress. My hope is that this film will inspire viewers to create positive change in their own communities.”
More than 100 international stakeholders met at the Royal Society of Arts. One of the highlights of the evening was an engaging panel discussion featuring experts such as Suely Castro from Knowledge Action Change, Martin Cullip from the Taxpayers Protection Alliance Consumer Center and Delon Human from Health Diplomats. The conversation was moderated by Federico N. Fernandez.
November 17, 2023
TABEXPO: A message from the chairman at Tobacco Reporter
Dayton Matlick
Following the huge success of TABEXPO 2011 Prague, many people are working behind the scenes on TABEXPO 2015 and figuring out how we can continue to make it bigger, better and more relevant to our audience – you!
Selecting the host city for TABEXPO involved many considerations: accessibility, accommodations and their quality and location, a stable infrastructure, reasonable costs and the appeal of the city itself to our well-traveled and international audience. London continues the tradition set by our previous host cities of Vienna, Geneva, Barcelona, Paris and Prague, not just meeting our expectations but exceeding them.
After personal site inspections of the numerous venues available in London, our choice was ExCeL Centre, by the Royal Docks on the Thames River. It is a large, modern exhibition hall, unimpeded by support pillars. It offers flexibility of space and reasonable rates that we can, and will, pass along to exhibitors and sponsors of TABEXPO 2015 London. Hotels of every caliber are convenient and numerous. Public transportation on the ground offers “to the door” delivery and multiple international airports provide numerous choices for participants and visitors from all over the globe. London has a long tradition of attracting discerning visitors, and ranks at the top of the world’s “favorite places to visit.”
Our industry has undergone drastic changes since the inception of TABEXPO in 1994 and TABEXPO has followed suit. After all, we know you now have choices when it comes to participating in face-to-face events. What hasn’t changed, however, is TABEXPO’s commitment to the premise that we serve ourselves best by serving our customers first. And with many of the same Tobacco Reporter staff still in place that helped bring you the first TABEXPO, we serve you best by knowing your needs, knowing your customers and knowing your goals as well as we know our own.
That history of service, knowledge and commitment continues today, and will only strengthen as we move toward TABEXPO 2015 London. TABEXPO is still your One and Only.
Visit the TABEXPO 2015 website by clicking here
March 30, 2012