CONFIDENTIAL
16 @`-jly,
NOTE FOR THE C:-ATR,MAN
IMASCO SHARES
Reference C?C Minute 126 of 20th May and Executive
Committee Minu 2 of 23rd June, we were due in mid-
July to acquire further shares in Imasco (140, OOC
approx.) to prevent our dilution below 40%.
I have therefore been checking with Mr. Crawford that
the "Trigger" negotiations have not been resumed and
did so again yesterday. However, today he teleoboned
to say -hat Imasco has an internal rule which prevents
officers Of their company from dealing 40 days before
release Of earning The first quarter release is
on July 2 9 a% be felt that the market may be
due n
taken by surprise by the strength of Imperial Tobacco's
earnings which are on plan. if, therefore, the stock
went up significantly our purchase meanwhile could
be embarrassing for both of us.
Having expressed his slight feeling of unease, Mr.
Crawford said they would fully support us if we were
to proceed with a purchase.
I have consulted with Messrs. Garraway and Brookes
and we all feel that we should delay our purchase
until after the quarterly announcement on July 29th.
Mr. Garraway advises that the purchase should best
then be made directly by BATUS rather than by Eagle
Star for BATUS's account.
G. L. Dennis
C.C. Mr. B. P. Garraway C:)
C. C. Mr. N.C. arraway
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BAT Industries document for Province of British Columbia 12 April 1999