B-AT INDUSTRIES
Windsor House 50 Viclona Street London SWH ONL Telephone 01-222 7979
PRESS ANNOUNCEMF-'qT 29th November 1984
IMASCO
B.A.T Industries p.l.c. announces that its subsidiary BATUS
Investments Inc. of Louisville, Kentucky, is to invest
approximately L99 million in the purchase of shares of its
Canadian associate, Imasco Limited. The effect of this would
be to increase total B.A.T Industries Group shareholding in
Imasco from 40 per cent to approximately 44 per cent.
This move reflects B.A.T Industries' belief that there is a
growing climate of confidence in Canada and that the proposed
relaxation of investment controls make this an appropriate
place for this significant investment.
Imasco is a large and successful company with interests in
tobacco, retailing and fast food in both Canada and the US. In
the year ending March 1984, system-wide sales (including
franchise operations) were in excess of $Can. 5,000 million and
its operating earnings were $Can. 339 million. Earlier this
year Imasco purchased Peoples Drug Stores, a large chain
centred on Washington D.C., and an L4th November Imasco
announced an agreement to purchase Rea and Derick, a drug store
chain mainly operating in Pennsylvania.
Imasco will issue 3.4 million of its Common Shares at *Can.
46.25 per share to BATUS Investments. This issue will increase
Imasco's equity by 6.6 per cent and so strengthen Its ability
to finance future acquisitions in Canada and the United
States.
(ends)
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Enquiries to:-
Group Public Affairs Keith Richardson Tel: 01-222 7979
OD
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BAT Industries document for Province of British Columbia 12 April 1999