BAT Plc lists on JSE today...now that takes confidence!

BAT - British American Tobacco plc made its debut on the JSEs main board today. The restructuring announced by Compagnie Financiere Richemont SA and Remgro Limited is progressing and the interest of British American Tobacco previously held by Richemont is now held by Reinet Investments SCA, a Luxembourg investment company. The next step involves the distribution of British American Tobacco shares to investors in Reinet on or around November 3. Separately, on or around the same date, Remgro will also distribute British American Tobacco shares to its shareholders. Following the distributions, a holding of approximately 3% of British American Tobacco shares will be retained by Reinet. The distributions will be followed by a rights issue by Reinet, which can be subscribed to by using British American Tobacco shares. BAT shares closed 27425c today, giving it a market capitalisation of over R555-billion and awarding it the number one spot ahead of BHP Billiton with a market cap of R339-billion.