This is a routine PDMR equity grant filing with no trading signal. Monitor for BTI's next earnings release or any material operational updates for directional cues.
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Executive Summary
British American Tobacco filed a routine 6-K disclosing equity grant awards to its new CFO, Dragos Constantinescu, and its Director of Digital and Information, Javed Iqbal. The awards are standard make-whole grants and long-term incentive plan issuances with no material financial impact. This filing contains no operational or financial data and is administrative in nature.
Key Facts
- CFO Dragos Constantinescu received 6 awards totaling 124,912 shares (unrestricted, RSUs, and PSUs) valued at approximately £5.4M, intended to replace forfeited prior employer incentives.
- Director of Digital and Information Javed Iqbal received an award of 11,981 restricted shares valued at approximately £500,000, vesting after three years with no performance conditions.
- All transactions occurred on September 1, 2026, outside a trading venue, and were disclosed on September 2, 2026.
- No financial results, guidance, or material business developments were reported in this filing.
Financial Impact
Total equity grants of approximately £5.9M (based on award prices of £41.29, £41.73, and £45.00 per share) — immaterial relative to BTI's $121B market cap.
Risk Factors
- No material risks identified from this filing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950157-26-000972 |
| Exhibit: ex99-2.htm | 0000950157-26-000972 |
| Document: form6-k.htm | 0000950157-26-000972 |
| Document: 0000950157-26-000972-index-headers.html | 0000950157-26-000972 |
| Document: 0000950157-26-000972-index.html | 0000950157-26-000972 |
| Document: 0000950157-26-000972.txt | 0000950157-26-000972 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $54.33 $56.09 | ▲ +3.24% | ▲ +4.33% | $52.40 (−3.55%) |
Sep 2, 2026 4w ago | 6-K | $55.68 $54.86 | ▼ −1.47% | ▼ −0.51% | $52.40 (−5.89%) |
Sep 1, 2026 4w ago | 6-K | $55.92 $54.33 | ▼ −2.84% | ▼ −2.92% | $52.40 (−6.29%) |
Aug 26, 2026 5w ago | 6-K | $57.44 $55.68 | ▼ −3.06% | ▼ −2.94% | $52.40 (−8.77%) |
Aug 20, 2026 6w ago | 6-K | $56.21 $56.13 | ▼ −0.14% | ▼ −0.62% | $52.40 (−6.78%) |
Aug 18, 2026 6w ago | 6-K | $56.38 $56.47 | ▲ +0.16% | ▲ +0.36% | $52.40 (−7.06%) |
Aug 6, 2026 8w ago | 6-K | $58.73 $57.35 | ▼ −2.35% | ▼ −3.56% | $52.40 (−10.78%) |
Aug 5, 2026 8w ago | 6-K | $59.27 $55.84 | ▼ −5.79% | ▼ −6.14% | $52.40 (−11.59%) |
Aug 4, 2026 8w ago | 6-K | $59.12 $56.81 | ▼ −3.91% | ▼ −3.81% | $52.40 (−11.37%) |
Aug 3, 2026 8w ago | 6-K | $59.56 $57.05 | ▼ −4.21% | ▼ −6.24% | $52.40 (−12.02%) |
US Market Status
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