B.A.T Industries Guidelines October 1982
Imasco
Purpose
1. The purpose of the Guidelines is to record the policies objectives,
and strategies relating to Imasco which were agreed by the B.A.T
industries Board following discussion of the Group Financial
Objectives and Group Investment Strategy.
2. The Guidelines will be used as the basis for the CPC discussions of
the Imasco Plans and 10 Year View.
Priorities for 1983
3. Pressure should be maintained to exert the influence on the
plans and decisions of Imasco and, in particular, it will be
necessary to ensure that the Imasco strategy for developments in the
USA is fully complementary with the BA-TUS development strategy. --
4. Within the existing Imasco businesses, particular emphasis should be
placed an the development of a strategy for the retail division,
including a critical re-assessment of the plans to expand the Drug
Store chain into the USA and of the future prospects for United Cigar
Stores and the Sports Goods activities.
5. Imasco should be encouraged to seek opportunities for a substantial
investment, preferably in Canada, in consumer goods or services.
However, B.A.T Industries will wish to debate any proposals for major
new investmentsin energy or other resource based industries.
6. The existing agreement to reduce the B.A.T Industries shareholding to
40% will be implemented by not taking up share issues.
Financial Guidelines
7. Rates of Return: B.A.T Industries criteria for acceptable levels of
return should be applied to any discussions of Imasco Plans and to
any now ventures that are proposed.
S. Dividends: B.A.T Industries is expecting the following minimum
progression of dividends from Imasco (net of 15% withholding tax) -
C--
1983 1984 1985 1986 1987 cc
C $2 15.6 18.5 21.9 26.2 30.4
C%D
BAT Industries document for Province of British Columbia 23 April 1999