Wiras-.,, @-c-_se --:O'.,':C:::-a Stree- CPJL lelecrcre 07,.-222. 79.
Sir
28th Julv 1992
To: Mr P. Crawford (Imasco)
B.A.T Tndustries' Guidelingl - JuIv 1W_
The arzac@ed GuideHres s=manse what I believe to be the agreed poskion on
the objectives and scateves for Imasco, which we will =pect to set relected in
your plans -or 1993-1.9%. If :here are any points from draw guidelines which
you %ish to discuss lrur:ncr. I= me @-_ow.
71he guidaii:= are -c-,sistent wizh@ B.A.T Indus=.es' own srztegics
and with our objectives a:
(a) Provide in above average remum to shareholders :hrough
divid=ds and =i=l armim"ation based on a sus=ired
=d of azove-average'jrowth in Earnmgs P= Share.
moved '.-v dL-.,e-ooin and m%pandina the Grouv's
ac"-vities ;--. "'obaccL, and Funancial Servic=
(b) C3=le.,z -he :anid recovery in profits in l99'_%199_--.
Li view or :re we zr-. putting par--.-4= emphasis
or. iirx-ov-ir; -ron=,_',;ri. on -ed=---g costs and an ==10virv q1tse.
productivity. censuring .@at each. activity within the Group achicycs a
rerin, on assets which -will generate a net cash flow sufficient to pay
a dividend ird to fund dhe investment necc-ssary to sup above-
port
average *,Next.
3. One spedfic issue mer--toned in the guidelines is that we will need to
di=w the implications for B.A.T Industries of the Canadian
Financial Stmricts legislation. which wU1 reduce our effective
shareholdint ;n Canada Trust to :Vrlp.
r%J
C:)
Patrick Sheehv
_%J
Enclosure
(J-1
BAT INDUS-MIES CONFIDENTIAL. CATEGORY 1: MINNESOTA TOBACCO LITIGATION
BAT Industries document for Province of British Columbia 13 April 1999