Opções de estoque de tabaco imperial

Imperial Tobacco Group PLC (IMBBY)
(Dados atrasados ​​de OTC)
Atualizado 5 de fevereiro de 2018 às 15:59 horas.
Valor B | Um Crescimento | F Momentum | Um VGM.
The Style Scores é um conjunto complementar de indicadores para usar ao lado do Rank Zacks. Ele permite ao usuário se concentrar melhor nos estoques que são os melhores para seu estilo de negociação pessoal.
As pontuações são baseadas nos estilos de negociação de Valor, Crescimento e Momentum. Há também um VGM Score ('V' para Value, 'G' for Growth e 'M' para Momentum), que combina a média ponderada dos pontos de estilos individuais em uma pontuação.
Dentro de cada pontuação, as ações são classificadas em cinco grupos: A, B, C, D e F. Como você pode se lembrar dos dias escolares, um A, é melhor do que um B; um B é melhor do que um C; um C é melhor do que um D; e um D é melhor do que um F.
Como investidor, você quer comprar ações com a maior probabilidade de sucesso. Isso significa que você quer comprar ações com um Zacks Rank # 1 ou # 2, Strong Buy ou Buy, que também possui uma pontuação de um A ou um B em seu estilo de negociação pessoal.
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Este é o nosso sistema de classificação de curto prazo que serve como um indicador de oportunidade para os estoques nos próximos 1 a 3 meses. Quão bom é? Veja rankings e desempenho relacionado abaixo.
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Os relatórios da Zacks Equity Research, ou ZER para breve, são nossos relatórios de pesquisa internos, produzidos independentemente.
Os relatórios Snapshot de uma página sempre populares são gerados para praticamente todas as ações classificadas de Zacks. Está cheio de todas as estatísticas-chave da empresa e informações importantes para a tomada de decisões. Incluindo o Rank de Zacks, a Classificação da Indústria de Zacks, os Índices de Estilo, o Gráfico de Preços, Consenso e Surpresa, análise de estimativa gráfica e como um estoque empilha para seus pares.
O detalhado relatório de analista de várias páginas faz um mergulho ainda mais profundo nas estatísticas vitais da empresa. Além de toda a análise proprietária no Instantâneo, o relatório também exibe visualmente os quatro componentes do Rank Zacks (Acordo, Magnitude, Upside e Surprise); fornece uma visão abrangente dos drivers comerciais da empresa, completa com ganhos e gráficos de vendas; um recapitulação de seu último relatório de ganhos; e uma lista com balas para comprar ou vender o estoque. Também inclui uma tabela de comparação da indústria para ver como seu estoque se compara ao seu setor expandido e ao S & amp; P 500.
Investigar ações nunca foi tão fácil ou perspicaz quanto com os relatórios do ZER Analyst e Snapshot.
O Rank da Indústria de Zacks atribui uma classificação a cada uma das 265 X (Expandidas) Indústrias com base na classificação média de Zacks.
Uma indústria com uma percentagem maior de Zacks Rank # 1 e apostas e # 2 terá uma classificação média melhor de Zacks do que uma com uma porcentagem maior de Zacks Rank # 4 & apos; s e # 5 & apos; s.
A indústria com a melhor classificação média de Zacks seria considerada a principal indústria (1 em 265), o que colocaria no topo 1% das indústrias classificadas de Zacks. A indústria com a pior classificação média de Zacks (265 de 265) colocaria no fundo 1%.
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Imperial Tobacco Group PLC (IMBBY) Visão geral das cotações e raquo; Citações & raquo; Imperial Tobacco Group PLC (IMBBY) Cadeia de opções.
Cadeia de opções.
The Style Scores é um conjunto complementar de indicadores para usar ao lado do Rank Zacks. Ele permite ao usuário se concentrar melhor nos estoques que são os melhores para seu estilo de negociação pessoal.
As pontuações são baseadas nos estilos de negociação de Valor, Crescimento e Momentum. Há também um VGM Score ('V' para Value, 'G' for Growth e 'M' para Momentum), que combina a média ponderada dos pontos de estilos individuais em uma pontuação.
Dentro de cada pontuação, as ações são classificadas em cinco grupos: A, B, C, D e F. Como você pode se lembrar dos dias escolares, um A, é melhor do que um B; um B é melhor do que um C; um C é melhor do que um D; e um D é melhor do que um F.
Como investidor, você quer comprar ações com a maior probabilidade de sucesso. Isso significa que você quer comprar ações com um Zacks Rank # 1 ou # 2, Strong Buy ou Buy, que também possui uma pontuação de um A ou um B em seu estilo de negociação pessoal.
Zacks Style Scores Education - Saiba mais sobre os Zacks Style Scores.
Os relatórios da Zacks Equity Research, ou ZER para breve, são nossos relatórios de pesquisa internos, produzidos independentemente.
Os relatórios Snapshot de uma página sempre populares são gerados para praticamente todas as ações classificadas de Zacks. Está cheio de todas as estatísticas-chave da empresa e informações importantes para a tomada de decisões. Incluindo o Rank de Zacks, a Classificação da Indústria de Zacks, os Índices de Estilo, o Gráfico de Preços, Consenso e Surpresa, análise de estimativa gráfica e como um estoque empilha para seus pares.
O detalhado relatório de analista de várias páginas faz um mergulho ainda mais profundo nas estatísticas vitais da empresa. Além de toda a análise proprietária no Instantâneo, o relatório também exibe visualmente os quatro componentes do Rank Zacks (Acordo, Magnitude, Upside e Surprise); fornece uma visão abrangente dos drivers comerciais da empresa, completa com ganhos e gráficos de vendas; um recapitulação de seu último relatório de ganhos; e uma lista com balas para comprar ou vender o estoque. Também inclui uma tabela de comparação da indústria para ver como seu estoque se compara ao seu setor expandido e ao S & amp; P 500.
Investigar ações nunca foi tão fácil ou perspicaz quanto com os relatórios do ZER Analyst e Snapshot.
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No centro de tudo o que fazemos é um forte compromisso com pesquisas independentes e compartilhando suas descobertas lucrativas com os investidores. Essa dedicação para dar aos investidores uma vantagem comercial levou à criação do nosso comprovado sistema de classificação de estoque Zacks Rank. Desde 1988, mais dobrou o S & amp; P 500 com um ganho médio de + 25% ao ano. Esses retornos cobrem um período de 1988-2016 e foram examinados e comprovados por Baker Tilly Virchow Krause, LLP, uma empresa de contabilidade independente. Os retornos do sistema de classificação de estoque do Rank de Zacks Rank são calculados mensalmente com base no início do mês e no final do mês, os preços das ações da Zacks Rank mais os dividendos recebidos durante esse mês em particular. Um retorno médio simples e igualmente ponderado de todas as ações do Rank Zacks é calculado para determinar o retorno mensal. Os retornos mensais são então compostos para chegar ao retorno anual. Apenas os estoques de Zacks Rank incluídos nas carteiras hipotéticas de Zacks no início de cada mês estão incluídos nos cálculos de devolução. Os estoques de Zack Ranks podem, e muitas vezes, mudar ao longo do mês. Certas ações do Zacks Rank para as quais nenhum preço de fim de mês estava disponível, as informações de preços não foram coletadas, ou por outros motivos foram excluídos desses cálculos de retorno.
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Os dados da NYSE e da AMEX são pelo menos 20 minutos atrasados. Os dados do NASDAQ são demorados pelo menos 15 minutos.

Imperial Tobacco contra a rainha: uma situação perdida? Dedução por valores pagos aos empregados por opções de ações recusadas.
Não é comum para TheCourt. ca comentar casos fiscais. As decisões fiscais muitas vezes parecem complicadas e, a menos que você seja um contador, um executivo corporativo ou um advogado fiscal, eles parecem removidos de sua vida diária. No valor nominal, o caso da Imperial Tobacco Canada Limited contra The Queen, 2011 FCA 308 [Imperial Tobacco] é sobre se os valores pagos aos empregados pelas opções de compra de ações em curso de uma empresa pública para empresa privada podem ser deduzidos como uma despesa corporativa na conta de renda. Mas é mais do que isso. Juntamente com as mudanças do orçamento federal de 2010, o caso pode ter consequências de longo alcance tanto para funcionários quanto para empregadores. As empresas públicas geralmente permitem que os funcionários entrem opções de pagamento em dinheiro em vez de exercer essas opções. Normalmente, quando a opção é entregue, a empresa pode obter uma dedução do dinheiro pago na entrega da opção. Ao mesmo tempo, o empregado é permitido a uma reclamação de uma dedução nos termos do parágrafo 110 (1) (d) da Lei do Imposto de Renda, RSC, 1985, c 1 (5º Supp) [ITA], o que equivale a uma dedução de 50 por cento. A posição do autor é que o mesmo se aplica à entrega da opção no decurso de uma empresa pública adquirida por uma empresa privada. Na sua decisão no Imperial Tobacco, o Tribunal Federal de Recurso não aceitou o argumento do autor. Apenas no mês passado, o Supremo Tribunal do Canadá indeferiu o recurso e recusou-se a ouvir o caso. Mesmo que ele encaixe com jurisprudência e pareça estar em desacordo com a política fiscal, parece que o tribunal de apelação terá a última palavra.
Como afirma o Tribunal de Recurso, os factos não são contestados neste caso. A Imasco, a holding criada pela Imperial Tobacco em 1970, era uma corporação pública canadense até 2000. Duas décadas antes, em 1983, o Imasco instituiu um plano de opção de compra de ações no qual os funcionários do Imasco e suas subsidiárias poderiam receber o direito de comprar o Imasco por seu valor de mercado livre (& # 8220; FMV & # 8221;) a partir da data da concessão da opção. Quanto às transações relevantes para este caso, as opções emitidas no âmbito do plano de opção de compra de ações do Imasco representaram direitos para adquirir apenas 1% das ações em circulação.
12 anos depois, o Imasco apresentou uma alteração ao plano de opção de compra de ações, permitindo ao titular de uma opção o direito de entregar a opção por caixa igual ao valor pelo qual o valor de mercado das ações da Imasco que poderiam ser adquiridas ao exercer a opção excedia o exercício preço. (Em linguagem mais simples, o detentor da opção que é concedido este direito e exerce seria na mesma posição financeiramente, como se a opção de compra de ações tivesse sido exercida e as ações imediatamente vendidas, desconsiderando as consequências do imposto de renda e os custos de transação.)
O que distingue esse caso de outros casos (a ser discutido abaixo) é que o Imasco estava se tornando uma holding privada. Em 1999, a British American Tobacco ("BAT"), uma grande empresa multinacional de tabaco, aproximou-se de Imasco para discutir uma "transação privada", segundo a qual a BAT iria adquirir - direta ou indiretamente - todas as ações da Imasco detidas por acionistas públicos. Em dezembro de 1999, a BAT detinha indiretamente 42,5% de todas as ações em circulação das ações da Imasco.
Para facilitar a transação privado e para tratar com justiça seus detentores de opções, o Conselho de Administração da Imasco aprovou uma resolução para alterar a seção 10 do plano de opção de compra de ações para oferecer a todos os titulares de opções o direito de entregar suas opções por dinheiro. Esta alteração permitiria a cada titular de opção o poder discricionário para iniciar a entrega de uma opção, em vez de Imasco. De fato, o Artigo 5.8 do Contrato de Proposta de Transação, intitulado "Opções de Ações em Vivo e Arranjos de Emprego do Imasco", teve como objetivo encorajar todos os detentores de opções de compra de ações dos empregados a exercí-los ou entregá-los imediatamente antes da conclusão da reorganização. O conselho de administração tomou medidas para garantir que todas as opções de compra de ações de empregados se vendessem antes da reorganização. Assim, a aceleração da aquisição de opções de compra de ações dos empregados, juntamente com a provisão para a entrega de opções de compra de ações em dinheiro na eleição de detentores de opções, permitiria que a próxima empresa-mãe adquira todas as ações da Imasco até o final de 1999.
O preço de compra das ações da Imasco foi fixado por BAT em US $ 41,60 por ação. Com os empregados que detinham opções agregadas, 4,838,600 ações da Imasco, que posteriormente elegeram para render por dinheiro igual à diferença entre US $ 41,60 por ação e o preço de exercício, o pagamento de resgate totalizou aproximadamente US $ 118 milhões. Este é o montante em questão no caso.
A questão perante o Tribunal de Justiça era direta: no cálculo de seus rendimentos para fins de imposto sobre o rendimento, a Imasco Limited podia deduzir os pagamentos feitos aos seus empregados e empregados de suas subsidiárias por opções de entrega de ações da Imasco?
O Ministro da Receita Nacional (& # 8220; MNR & # 8221;), contando com os parágrafos 18 (1) (b) da ITA, as deduções não autorizadas para o Imasco, com base em que os pagamentos eram por conta do capital. Mais especificamente, a Crown argumentou que o pagamento em dinheiro para eliminar o plano de opção de compra de ações não foi feito no curso normal dos negócios do candidato. Foi uma despesa extraordinária destinada a facilitar a transação de take-over pela British American Tobacco. O requerente, por outro lado, argumentou que a questão mais urgente que precisava ser respondida neste caso era se havia um benefício duradouro para o contribuinte. O candidato também marcou a jurisprudência, citando a recente decisão do juiz-presidente Donald Bowman, Shoppers Drug Mart Limited v The Queen, 2007 TCC 636 [Shoppers], bem como uma série de outros casos: Boulangerie St. Augustin v The Queen, International Colin Energia v The Queen e BJ Services Company Canadá v The Queen. Nesses casos, as deduções das despesas incorridas no contexto das transações corporativas foram tornadas dedutíveis.
Imasco apelou pela primeira vez para o Tribunal Tributário do Canadá, que rejeitou o caso. Imasco voltou então para o Tribunal de Recurso Federal.
O juiz Sharlow do Tribunal Federal de Recurso não explicou demais em sua discussão sobre as disposições legais relevantes da ITA. Uma compreensão básica da lei tributária diria que a Seção 9 (1) da ITA é a regra geral para determinar a renda de um contribuinte de uma empresa ou propriedade. A seção 9 (1) (por exemplo, "sujeito a esta parte") é complementada por muitas regras detalhadas na Parte 1, incluindo a seção 18. A Coroa argumenta que os pagamentos de resgate não são dedutíveis com base na seção 18 (1) (b):
18. (1) No cálculo da renda de um contribuinte de uma empresa ou propriedade, nenhuma dedução deve ser feita em relação a ...
(b) uma despesa, perda ou substituição de capital, um pagamento por conta de capital ou uma provisão em relação à depreciação, obsolescência ou redução, exceto conforme expressamente permitido por esta Parte ... [itálico adicionado]
Como explica a Justiça Sharlow, "a proibição estatutária da dedução de um pagamento em função do capital requer a consideração dos princípios para distinguir o capital e os rendimentos". Uma das passagens mais citadas sobre a questão do que constitui capital surge no caso de British Insulated e Helsby Cables v Atherton, [1926] AC 205 HL nos parágrafos 213-4:
... Quando uma despesa é feita, não só de uma vez por todas, mas com vista a criar um bem ou uma vantagem para o benefício duradouro de um comércio, acho que há uma razão muito boa (na ausência de circunstâncias especiais levando a uma conclusão contrária) para o tratamento de tal despesa como a propriedade atribuível à receita, mas ao capital.
Este não é um teste de linha brilhante. É apenas um guia útil, chamando nossa atenção para a parte facilmente discernível e relativamente constante dos custos operacionais do contribuinte, que não seria considerado capital. A Crown propõe o argumento de que "os pagamentos em questão são gastos em conta de capital porque foram feitos no contexto de uma reorganização do capital do Imasco e extinguiu todas as obrigações pendentes da Imasco para emitir ações" (parágrafo 25).
O coração dessa decisão é realmente a discussão da jurisprudência do juiz Sharlow. Os demandantes afirmam que esses pagamentos de estoque por caixa são mais bem caracterizados como remuneração dos empregados e, portanto, dedutíveis como despesas normais de negócios. Eles dependem principalmente de Shoppers. Shoppers Drug Mart Limited ("SDM") era uma subsidiária integral da Imasco Limited, que, como observado anteriormente, era a holding de Imperial Tobacco. Os compradores podem ser distinguidos do caso em questão, no entanto. Centrou-se na dedutibilidade de um pagamento efetuado pela SDM à Imasco, como um reembolso dos pagamentos efetuados pela Imasco mediante a entrega pelos empregados da SDM das opções de compra de ações emitidas no âmbito do plano de opção de compra de ações da Imasco. Nesse caso, a dedução no contexto das transações corporativas foi permitida, pois foi agrupada em conjunto com a remuneração dos empregados. Portanto, contava como custo de fazer negócios de acordo com a seção 9 do ITA (parágrafo 26).
Mas o Tribunal decidiu não seguir a participação em Shoppers. O juiz Sharlow argumentou que os dois casos poderiam ser distinguidos com base em que a Shoppers não envolvia reestruturação de capital e, portanto, nenhum benefício duradouro não era suportado pela SDM. No caso em apreço, no entanto, temos uma reorganização do capital - uma transação e uma amalgamação privada - e pode-se dizer que os arranjos implementados deveriam facilitar essa reorganização do capital. A última participação é que "os pagamentos foram destinados e acabaram com todas as obrigações futuras do Imasco para lidar com suas próprias ações, o que pode ser descrito como uma única vez e para todos os pagamentos que resultaram em um benefício para o Imasco de natureza duradoura" ( parágrafo 29). Então, parece que o juiz Sharlow foi persuadido pelo caso 1990 de Kaiser Petroleum Ltd. v The Queen, (1990) 2 CTC 439 [Kaiser], onde foi determinado que um pagamento feito para extinguir um plano de opção de estoque de empregado no curso de implementar uma transação de tomada a cargo foi uma despesa de capital. Embora Shoppers seja muito mais recente, o juiz Sharlow viu o caso em questão e Kaiser como praticamente indistinguível (parágrafo 31).
O debate sobre este caso vai além da jurisprudência. Claro, os clientes não podem ser idênticos factualmente, mas o foco é a mesma transação privada. Para evitar os Shoppers e manter uma decisão de 1990, parece ser equivocada. Outra preocupação é que, ao defender a decisão em Kaiser, o Tribunal em 2012 está negligenciando as atuais realidades econômicas. Hoje, é muito mais comum que uma corporação adote uma opção de parada de empregado como parte do pacote de remuneração ordinário para funcionários em todos os níveis (parágrafo 32). Embora isso não altere a natureza da transação, isso pode levar a alguma injustiça para o contribuinte da classe média.
Como observei no início, um empregado que entrega uma opção de compra de ações pode exigir uma dedução ao abrigo do parágrafo 110 (1) (d) da ITA. Enquanto o empregador optar por não reivindicar qualquer dedução para o pagamento, o empregado pode receber uma dedução de 50 por cento. Com o Imperial Tobacco decidiu da forma como foi o Tribunal de Recurso Federal, uma empresa pode optar por manter sua opção para reclamar a dedução aberta, já que não seria mais capaz de obter uma dedução por pagamento pago; Por conseguinte, não apresentaria a eleição que precedesse qualquer dedução. Isso significa que o empregado seria proibido arquivar uma dedução 110 (1) (d). Assim, a decisão no Imperial Tobacco pode resultar em uma situação de perder-perder tanto para o empregador quanto para o empregado.
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Imperial Tobacco Group PLC (IMBBY)
(Dados atrasados ​​de OTC)
Atualizado 5 de fevereiro de 2018 às 15:59 horas.
Valor B | Um Crescimento | F Momentum | Um VGM.
The Style Scores é um conjunto complementar de indicadores para usar ao lado do Rank Zacks. Ele permite ao usuário se concentrar melhor nos estoques que são os melhores para seu estilo de negociação pessoal.
As pontuações são baseadas nos estilos de negociação de Valor, Crescimento e Momentum. Há também um VGM Score ('V' para Value, 'G' for Growth e 'M' para Momentum), que combina a média ponderada dos pontos de estilos individuais em uma pontuação.
Dentro de cada pontuação, as ações são classificadas em cinco grupos: A, B, C, D e F. Como você pode se lembrar dos dias escolares, um A, é melhor do que um B; um B é melhor do que um C; um C é melhor do que um D; e um D é melhor do que um F.
Como investidor, você quer comprar ações com a maior probabilidade de sucesso. Isso significa que você quer comprar ações com um Zacks Rank # 1 ou # 2, Strong Buy ou Buy, que também possui uma pontuação de um A ou um B em seu estilo de negociação pessoal.
Zacks Style Scores Education - Saiba mais sobre os Zacks Style Scores.
Este é o nosso sistema de classificação de curto prazo que serve como um indicador de oportunidade para os estoques nos próximos 1 a 3 meses. Quão bom é? Veja rankings e desempenho relacionado abaixo.
Zacks Rank Home - Zacks Classifica recursos em um só lugar.
Zacks Premium - A única maneira de acessar completamente o Rank Zacks.
Os relatórios da Zacks Equity Research, ou ZER para breve, são nossos relatórios de pesquisa internos, produzidos independentemente.
Os relatórios Snapshot de uma página sempre populares são gerados para praticamente todas as ações classificadas de Zacks. Está cheio de todas as estatísticas-chave da empresa e informações importantes para a tomada de decisões. Incluindo o Rank de Zacks, a Classificação da Indústria de Zacks, os Índices de Estilo, o Gráfico de Preços, Consenso e Surpresa, análise de estimativa gráfica e como um estoque empilha para seus pares.
O detalhado relatório de analista de várias páginas faz um mergulho ainda mais profundo nas estatísticas vitais da empresa. Além de toda a análise proprietária no Instantâneo, o relatório também exibe visualmente os quatro componentes do Rank Zacks (Acordo, Magnitude, Upside e Surprise); fornece uma visão abrangente dos drivers comerciais da empresa, completa com ganhos e gráficos de vendas; um recapitulação de seu último relatório de ganhos; e uma lista com balas para comprar ou vender o estoque. Também inclui uma tabela de comparação da indústria para ver como seu estoque se compara ao seu setor expandido e ao S & amp; P 500.
Investigar ações nunca foi tão fácil ou perspicaz quanto com os relatórios do ZER Analyst e Snapshot.
O Rank da Indústria de Zacks atribui uma classificação a cada uma das 265 X (Expandidas) Indústrias com base na classificação média de Zacks.
Uma indústria com uma percentagem maior de Zacks Rank # 1 e apostas e # 2 terá uma classificação média melhor de Zacks do que uma com uma porcentagem maior de Zacks Rank # 4 & apos; s e # 5 & apos; s.
A indústria com a melhor classificação média de Zacks seria considerada a principal indústria (1 em 265), o que colocaria no topo 1% das indústrias classificadas de Zacks. A indústria com a pior classificação média de Zacks (265 de 265) colocaria no fundo 1%.
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Zacks Earnings ESP (Previsão de Surpresa Esperada) procura encontrar empresas que tenham visto recentemente uma atividade positiva de revisão de estimativas positivas. A idéia é que a informação mais recente é, em geral, mais precisa e pode ser um melhor preditor do futuro, o que pode dar aos investidores uma vantagem na temporada de lucros.
A técnica provou ser muito útil para encontrar surpresas positivas. Na verdade, ao combinar um Zacks Rank # 3 ou melhor e um Earnings ESP positivo, os estoques produziram uma surpresa positiva de 70% do tempo, enquanto também viram retornos anuais de 28,3% em média, de acordo com nosso backtest de 10 anos.
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Grandes ganhos de dividendos são lançados para os 10 nomes saudáveis ​​do `Safer` Defensivo do consumidor saudável de janeiro.
Setor defensivo do consumidor novamente mostra apenas 2 dos 30 melhores classificados pela cobertura do aluno do corretor.
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Valor B | Um Crescimento | F Momentum | Um VGM.
Este é o nosso sistema de classificação de curto prazo que serve como um indicador de oportunidade para os estoques nos próximos 1 a 3 meses. Quão bom é? Veja rankings e desempenho relacionado abaixo.
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O Rank da Indústria de Zacks atribui uma classificação a cada uma das 265 X (Expandidas) Indústrias com base na classificação média de Zacks.
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A indústria com a melhor classificação média de Zacks seria considerada a principal indústria (1 em 265), o que colocaria no topo 1% das indústrias classificadas de Zacks. A indústria com a pior classificação média de Zacks (265 de 265) colocaria no fundo 1%.
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O setor com a melhor classificação média de Zacks seria considerado o setor superior (1 em 16), o que o colocaria no topo 1% dos setores classificados de Zacks. O setor com a pior classificação média de Zacks (16 de 16) colocaria na parte inferior 1%.
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Os relatórios da Zacks Equity Research, ou ZER para breve, são nossos relatórios de pesquisa internos, produzidos independentemente.
Os relatórios Snapshot de uma página sempre populares são gerados para praticamente todas as ações classificadas de Zacks. Está cheio de todas as estatísticas-chave da empresa e informações importantes para a tomada de decisões. Incluindo o Rank de Zacks, a Classificação da Indústria de Zacks, os Índices de Estilo, o Gráfico de Preços, Consenso e Surpresa, análise de estimativa gráfica e como um estoque empilha para seus pares.
O detalhado relatório de analista de várias páginas faz um mergulho ainda mais profundo nas estatísticas vitais da empresa. Além de toda a análise proprietária no Instantâneo, o relatório também exibe visualmente os quatro componentes do Rank Zacks (Acordo, Magnitude, Upside e Surprise); fornece uma visão abrangente dos drivers comerciais da empresa, completa com ganhos e gráficos de vendas; um recapitulação de seu último relatório de ganhos; e uma lista com balas para comprar ou vender o estoque. Também inclui uma tabela de comparação da indústria para ver como seu estoque se compara ao seu setor expandido e ao S & amp; P 500.
Investigar ações nunca foi tão fácil ou perspicaz quanto com os relatórios do ZER Analyst e Snapshot.
Zacks Earnings ESP (Previsão de Surpresa Esperada) procura encontrar empresas que tenham visto recentemente uma atividade positiva de revisão de estimativas positivas. A idéia é que a informação mais recente é, em geral, mais precisa e pode ser um melhor preditor do futuro, o que pode dar aos investidores uma vantagem na temporada de lucros.
A técnica provou ser muito útil para encontrar surpresas positivas. Na verdade, ao combinar um Zacks Rank # 3 ou melhor e um Earnings ESP positivo, os estoques produziram uma surpresa positiva de 70% do tempo, enquanto também viram retornos anuais de 28,3% em média, de acordo com nosso backtest de 10 anos.
Este é o nosso sistema de classificação de curto prazo que serve como um indicador de oportunidade para os estoques nos próximos 1 a 3 meses. Quão bom é? Veja rankings e desempenho relacionado abaixo.
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O Rank da Indústria de Zacks atribui uma classificação a cada uma das 265 X (Expandidas) Indústrias com base na classificação média de Zacks.
Uma indústria com uma percentagem maior de Zacks Rank # 1 e apostas e # 2 terá uma classificação média melhor de Zacks do que uma com uma porcentagem maior de Zacks Rank # 4 & apos; s e # 5 & apos; s.
A indústria com a melhor classificação média de Zacks seria considerada a principal indústria (1 em 265), o que colocaria no topo 1% das indústrias classificadas de Zacks. A indústria com a pior classificação média de Zacks (265 de 265) colocaria no fundo 1%.
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O Zacks Sector Rank atribui uma classificação a cada um dos 16 setores com base na classificação média de Zacks.
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The Style Scores é um conjunto complementar de indicadores para usar ao lado do Rank Zacks. Ele permite ao usuário se concentrar melhor nos estoques que são os melhores para seu estilo de negociação pessoal.
Os três resultados são baseados nos estilos de negociação de Crescimento, Valor e Momentum.
Dentro de cada pontuação, as ações são classificadas em cinco grupos: A, B, C, D e F. Como você pode se lembrar dos dias escolares, um A é melhor do que um B; um B é melhor do que um C; um C é melhor do que um D; e um D é melhor do que um F.
Como investidor, você quer comprar ações com a maior probabilidade de sucesso. Isso significa que você quer comprar ações com um Rank Zacks # 1 ou # 2, Compra Forte ou Compra, que também possui um Índice de um A ou um B.
Zacks Style Scores Education - Saiba mais sobre os Zacks Style Scores.
The Style Scores é um conjunto complementar de indicadores para usar ao lado do Rank Zacks. Ele permite ao usuário se concentrar melhor nos estoques que são os melhores para seu estilo de negociação pessoal.
As pontuações são baseadas nos estilos de negociação de Valor, Crescimento e Momentum. There's also a VGM Score ('V' for Value, 'G' for Growth and 'M' for Momentum), which combines the weighted average of the individual style scores into one score.
Within each Score, stocks are graded into five groups: A, B, C, D and F. As you might remember from your school days, an A, is better than a B; a B is better than a C; a C is better than a D; and a D is better than an F.
As an investor, you want to buy stocks with the highest probability of success. That means you want to buy stocks with a Zacks Rank #1 or #2, Strong Buy or Buy, which also has a Score of an A or a B in your personal trading style.
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The ever popular one-page Snapshot reports are generated for virtually every single Zacks Ranked stock. It's packed with all of the company's key stats and salient decision making information. Including the Zacks Rank, Zacks Industry Rank, Style Scores, the Price, Consensus & Surprise chart, graphical estimate analysis and how a stocks stacks up to its peers.
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Resumo da empresa.
Imperial Brands PLC manufactures, markets and sells tobacco and tobacco-related products. It offers cigarettes, fine cut tobacco, papers, cigars, snus and smokeless tobacco products. Imperial Brands PLC, formerly known as Imperial Tobacco Group PLC, is based in Bristol, the United Kingdom.
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No centro de tudo o que fazemos é um forte compromisso com pesquisas independentes e compartilhando suas descobertas lucrativas com os investidores. Essa dedicação para dar aos investidores uma vantagem comercial levou à criação do nosso comprovado sistema de classificação de estoque Zacks Rank. Since 1988 it has more than doubled the S&P 500 with an average gain of +25% per year. These returns cover a period from 1988-2016 and were examined and attested by Baker Tilly Virchow Krause, LLP, an independent accounting firm. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zack Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.
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Imperial tobacco stock options

Imperial Tobacco Gro 121 WINTERSTOKE ROAD BRISTOL X0 BS3 2LL.
Description:
Imperial Tobacco's strategy is based on five key objectives: To focus on tobacco and tobacco-related products, to strengthen home market positions in the UK and Germany, to extend international presence through both organic growth and acquisitions, to pursue opportunities for profitable international development in selected markets, and to continue to increase productivity and control costs through capital investment in new technology.
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1.1350 * 72.81 = 82.64 + 72.81 = 155.45 which is the current price.
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Imperial tobacco stock options

The Barchart Technical Opinion rating is a 72% Sell with a Strongest short term outlook on maintaining the current direction.
Longer term, the trend strength is Strong . Long term indicators fully support a continuation of the trend.
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The Imperial Tobacco Group International Sharesave Plan.
Stock Option Agreement.
This Stock Option Agreement involves.
IMPERIAL TOBACCO GROUP PLC.
Title: THE IMPERIAL TOBACCO GROUP INTERNATIONAL SHARESAVE PLAN.
IMPERIAL TOBACCO GROUP PLC.
THE IMPERIAL TOBACCO GROUP.
INTERNATIONAL SHARESAVE PLAN.
5 Appold Street,
LONDON EC2A 2HA.
Tel: 020 7638 1111.
Fax: 020 7638 1112.
THE IMPERIAL TOBACCO GROUP.
INTERNATIONAL SHARESAVE PLAN.
1. Definitions.
In this Plan (unless the context otherwise requires) the following words and expressions have the following meanings:-
the United Kingdom Income and Corporation Taxes Act 1988 and any statutory re-enactment or modification thereof;
the date on which the Plan is adopted by the Company in general meeting;
American Depositary Shares, each representing two Shares, evidenced by American Depositary Receipts, which may be issued by Citibank, N. A., as depositary (“the Depositary”) pursuant to the Amended and Restated Deposit Agreement, dated as of November 2, 1998, among the Company, the Depositary and all holders and beneficial owners of American Depositary Shares thereunder;
such period as the Board may determine but being a period not more than 28 days from an Invitation Date;
means any company Controlling or under the Control of the Company or which is Controlled by the same person or persons as Control the Company;
the auditors for the time being of the Company;
the Board of Directors for the time being of the Company (or the directors present at a duly convened meeting of such Board) or a duly authorised committee thereof;
subject to the approval of the Plan by shareholders in general meeting such date as the Board shall, in its discretion, determine;
the Companies Act 1985 of England and Wales;
Imperial Tobacco Group PLC;
service with any company which is or was a Subsidiary (including, if the Board shall so determine in any case to which it is relevant, service with such company before it became a Subsidiary) which shall be aggregated with service with a Participating Company provided all such.
service has been continuous. In the case of an employee employed in full-time employment by a Participating Company who is absent from such employment for any reason for a period during which such employee’s contract of service subsists, or by reason of maternity leave, and who then returns to such full-time employment with a Participating Company then in calculating service any such period of absence shall be deemed to have formed part of his continuous service;
the power of a person to secure:-
(a) by the holding of shares or possession of voting power in or in relation to any company; or.
(b) by virtue of any powers conferred by the articles of association or other document regulating any company,
that the affairs of any company are conducted in accordance with the wishes of that person;
the date on which the Grantor passes a resolution to grant an Option under Rule 3(D) below;
any employee (including a director holding a salaried employment or office) of a Participating Company who (a) on the relevant Date of Grant has achieved such period of Continuous Service not exceeding five years as the Board shall in each case on or before the Invitation Date determine and (b) in the case only of a director holding a salaried employment or office, usually works at least twenty-five hours per week excluding time off permitted for meal breaks provided that the Board may also treat any other employee or director of a Participating Company who fails to fulfil the relevant criteria as an Eligible Employee PROVIDED HOWEVER THAT at the Invitation Date no notice of termination of such employment has been served by either the employee concerned or his employing Participating Company;
the price per Share at which a Participant may acquire Shares pursuant to the Plan (as determined in accordance with Rule 5);
either the Board or the Trustee;
the Company and its Subsidiaries from time to time;
“Imperial Tobacco Group Sharesave Scheme”
The Imperial Tobacco Group Sharesave Scheme adopted on 14 August 1996, as amended from time to time;
the date upon which invitations to apply for Options are issued by the Board, being a date within forty two days after the Commencement Date and thereafter within twenty-eight days after the date of public announcement of the annual or half yearly results of the Group;
“London Stock Exchange”
the London Stock Exchange Limited.
“Normal Repayment Date”
means in relation to any Participant the first day of the month following the date on which the Participant makes, or should have made, the final specified contribution (as defined in Rule 3(C)) to the Savings Plan and for this purpose the starting date of the Savings Plan shall be the first day of the month following that in which the first such specified contribution is made to the Savings Plan;
a right to acquire Shares, or ADSs, granted pursuant to the Plan;
a person who holds a Subsisting Option or (where the context admits) his personal representatives;
any member of the Group which the Board has designated as such for the time being;
The Imperial Tobacco Group International Sharesave Plan as amended from time to time;
such number of monthly contributions to a Savings Plan as the Board may, in its discretion, invite Eligible Employees to make in connection with the grant of an Option under the Plan, and, where the context admits or requires, the number of such contributions to which a particular Participant shall have committed himself;
in relation to a Savings Plan, the amount of the contributions repayable and, where relevant, of any bonus and/or interest payable under the Savings Plan;
means any savings plan or arrangement which has been approved by the Board in its absolute discretion for the purposes of the Plan;
Schedule 9 to the Act;
a fully paid ordinary share in the capital of the Company;
means any company in relation to which the Company:-
(a) holds a majority of the voting rights; or.
(b) is a member and has the right to appoint or remove a majority of its board of directors; or.
(c) is a member and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it;
and includes any other company which is a subsidiary as defined above of a company which is itself a subsidiary of the Company;
an Option to the extent that it has neither lapsed nor been exercised;
the trustee or trustees for the time being of any employee trust established by the Company wholly or partly for the benefit of all or most of the persons for the time being employed by or holding office with the Group or any Participating Company or Companies which has been designated by the Board as a trust out of which Options may be granted.
Where the context so permits the singular shall include the plural and vice versa and the masculine gender shall include the feminine. Any reference to a statutory provision includes a reference to that provision as for the time being amended or re-enacted.
2. Commencement and Title.
The Plan shall commence on the Commencement Date and shall be known as The Imperial Tobacco Group International Sharesave Plan.
3. Grant of Option.
(A) On or prior to an Invitation Date the Board in its absolute discretion may decide to invite applications for the grant of Options.
(B) Where applications are invited, the Board shall determine whether or not invitations shall be sent to all Eligible Employees (and, for the avoidance of doubt, the Board may send invitations to Eligible Employees of Participating Companies in one jurisdiction but not to Eligible Employees of Participating Companies in other jurisdictions) and any such invitations must state:-
(i) the Exercise Price or the method by which the Exercise Price for the Shares will be notified to Eligible Employees; and,
(ii) the date being the last day of the Application Period by which applications for the grant of Options must have been received by the Board or such person as the Board may direct being not more than twenty eight days after the date of issue of such invitations; and,
(iii) the Relevant Multiple or Multiples.
(C) Applications for Options under the Plan shall be in such form as the Board may require and each:-
(i) must be accompanied by a duly completed application form to enter into a Savings Plan under which the applicant will agree to make the Relevant Multiple of such specified contributions being not less than £10 per month nor (when aggregated with contributions made under any other subsisting Savings Plan and/or under any other savings contract linked to the Imperial Tobacco Group Sharesave Scheme) more than £250 per month, or the equivalent sums at the Invitation Date in the currency of their country of employment (or such other amounts or currency or currencies as may from time to time be permitted by the Board under the Savings Plan) as shall be estimated (on the basis of such rate of exchange as the Board shall designate on or before the Invitation Date) to secure on the Normal Repayment Date, as nearly as may be, Repayments of an amount equal to that for which Shares may be acquired under his Option if exercised in full; and.
(ii) shall empower the Board or any person authorised by it:-
(a) to amend the amount of the specified contribution referred to in Rule 3(C)(i) above to such lesser sum as shall secure on the Normal Repayment Date, as nearly as may be, Repayments of an amount equal to that for which Shares may be acquired by the Participant in the event that the number of Shares for which an Eligible Employee applies for an Option has to be reduced in accordance with Rule 3(D) below;
(b) to deduct from the Participant’s pay such contribution as shall be specified by the Participant pursuant to Rule 3(C)(i) above or as may be amended pursuant to Rule 3(C)(ii)(a) above and pay the same on behalf of the Participant in discharge of the Participant’s obligations under the Savings Plan.
(D) Within forty-two days of the date pursuant to Rule 5(A)(i) below by reference to which the Exercise Price was determined or in a case where the number of Shares over which an Option is to be granted is determined by Rule 3(D) (ii) below, within forty-nine days of such date and subject to the limitations and conditions contained in the Plan, Options shall by resolution of the Grantor be granted to each Eligible Employee who has made a valid application in accordance with the following:-
(i) Options shall be granted to the Eligible Employee in respect of that number of Shares as would have an aggregate Exercise Price not exceeding the Relevant Multiple of the sterling equivalent of the Eligible Employee’s proposed monthly contributions to the Savings Plan as at the Invitation Date; save that.
(ii) the Board may (but shall not be obliged to) make such adjustments to the number of Shares placed under an Option as it may in its absolute discretion determine to be appropriate taking into account the actual and anticipated rate of interest applicable to the Eligible Employee’s Savings Plan contributions and the actual and anticipated rate of exchange between the savings currency and sterling (if savings are expected to be retained in a currency other than sterling) over the period of the savings contract and such other factor or factors, if any, as the Board may consider to be relevant; and.
(iii) where the Board in its discretion considers that it is desirable to limit the number of Shares in respect of which Options are granted in relation to any invitation the monthly savings contribution chosen by each applicant under the Savings Plan shall be reduced in such manner as the Board may, in its discretion, determine (provided that all Eligible Employees shall be treated on a similar basis without regard to differences among Eligible Employees in respect of remuneration, length of service or any other factor) to the extent necessary so as to reduce the aggregate number of Shares applied for to or as near to as shall be practicable without exceeding the said limitation.
(E) No payment will be required from a Participant on the grant of an Option. Each Participant will be issued with a certificate in the form from time to time determined by the Board.
(F) No Option shall be capable of being transferred by a Participant.
(G) No Option shall be granted more than ten years after the Commencement Date.
(H) The reference in Rule 3(D)(i) above to the sterling equivalent of any amount means the sterling equivalent determined by the Board by reference to such published rate of exchange between sterling and the relevant currency as may be available to the Board on or about the Invitation Date and which the Board determines in its discretion to be appropriate.
(I) The Board may (but shall not be obliged to) invite those Participants whose contributions to a Savings Plan are made in a particular currency to adjust the rate at which they contribute to the Savings Plan at any time and from time to time during the life of that Savings Plan if the Board considers that it may be in the interests of those Participants to do so in the light of relative rates of exchange, interest rates or any other factor. No Participant shall be obliged to adjust the rate of contribution should the opportunity to do so be offered.
(J) Where an Eligible Employee does not receive an application for Options and/or any other information connected with any such application as a result of an accidental act or omission on the part of the Board or any person authorised by it in relation to the issue and/or distribution of such documents, that shall not affect the validity of any other matters pertaining to the Plan.
4. Limitations on the issue of Shares.
Subject to Rule 6 below, no Option shall be granted on any Date of Grant or proposed Date of Grant if, as a result:-
(i) the aggregate number of Shares (including Shares represented by ADSs) issued or committed to be issued during the ten years preceding such Date of Grant under the Plan and all other share schemes (including non-approved, savings related and profit sharing Plans) established by the Company would exceed 10% of the issued ordinary share capital of the Company on that Date of Grant; or.
(ii) the aggregate number of Shares (including Shares represented by ADSs) issued or committed to be issued during the preceding five years under the Plan and all other schemes mentioned in paragraph (i) above would exceed 5% of the issued ordinary share capital of the Company on that Date of Grant;
PROVIDED that, for the avoidance of doubt, Shares (including Shares represented by ADSs) which shall have been the subject of grants which lapse shall not be taken into account for the purposes of this Rule 4.
5. Exercise Price.
(A) Subject to Rule 6 below the Exercise Price shall be such amount expressed in sterling (or in such other currency or currencies as the Board shall specify) in the case of Options for Shares as the Board shall determine being an amount not less than the greater of:-
(ii) subject to Rule 5(B) below eighty per cent of the middle market quotation per Share as derived from the Daily Official List of the London Stock Exchange for the dealing day immediately preceding the Invitation Date; and.
(iii) in the case only of an Option to subscribe for Shares, the nominal value of a Share.
(B) For the purposes of an Option granted at any time at which there shall be no dealings in the Shares, the Exercise Price shall be not less than eighty per cent of such sum as may be determined by the Board to be the market value of a Share at that time.
(C) For the avoidance of doubt, the Board may set a different Exercise Price for Eligible Employees of Participating Companies in one jurisdiction from those of another jurisdiction notwithstanding that invitations may be sent out to all such Eligible Employees on the same Invitation Date, but any such Exercise Price must fulfil the requirements of Rule 5(A) above.
6. Alterations of Share Capital.
In the event of:
(a) any variation in the share capital of the Company whether by way of capitalisation of profits or reserves or by way of rights or any consolidation or sub-division or reduction of capital, or otherwise;
(b) the Company paying a capital dividend;
(c) a demerger of any company within, or business owned by, the Group; or.
(d) in any other circumstances similarly affecting Options granted under the Plan;
then the number of Shares subject to any Subsisting Option and the Exercise Price may be adjusted by the Board in such manner and with effect from such date as the Board may determine to be appropriate provided always that:-
(i) no such adjustment shall take effect until it has been referred to the Auditors and the Auditors have certified in writing to the Board that the adjustment is, in their opinion, fair and reasonable; and.
(ii) the Exercise Price of an Option to subscribe for Shares shall not be adjusted below the nominal value of a Share (unless the Company in general meeting shall resolve to pay up any part of that nominal value out of distributable reserves).
7. Exercise of Options.
(A) The extent to which an Option may be exercised shall be:-
(i) where exercise takes place on or after the Normal Repayment Date related to the Option, in full; and,
(ii) where exercise takes place earlier than the Normal Repayment Date related to the Option (the “Early Exercise Date”), in that proportion which the number of specified contributions which shall have been made on or before such Early Exercise Date bears to the Relevant Multiple.
(B) An Option shall be exercisable during the period mentioned in Rule 7(D) below in respect of all or some of the Shares over which it was granted by the Participant delivering to the Secretary of the Company at its registered office (or otherwise as may be notified to Participants from time to time) a written notice in the prescribed form specifying the number of Shares in respect of which the Option is exercised together with a remittance for that number of Shares calculated by reference to the Exercise Price.
The date of exercise of the Option shall be the date of receipt by the Company of such notice and payment.
(C) It is a condition of the exercise of an Option under the Plan that the Participant shall withdraw all sums due by way of Repayment under the Savings Plan to which he has contributed in relation to the Option. If upon the exercise of an Option the Repayment then due to a Participant under his Savings Plan is less than the amount required to pay for all the Shares in respect of which it may be exercised pursuant to Rule 7(A) above the Participant may add to the Repayment up to a maximum of such sum as shall be necessary to pay for all such Shares. If the Repayment shall exceed the amount required to exercise the Option to the extent possible (or to the extent to which it is in fact exercised, if lower) such excess shall be paid to the Participant.
(D) Save as otherwise provided, an Option may not be exercised until the Normal Repayment Date. Subject only to the provisions of Rule 7(G) below, no Option may be exercised later than six months after the Normal Repayment Date.
(E) An Option shall cease to be exercisable upon the Participant ceasing to be an employee or director of any member of the Group (so as to hold no such employment or office) except where his so ceasing is by reason of:-
(i) his retirement on reaching the Specified Age or such other age at which he is bound to retire in accordance with the terms of his employment; or.
(ii) injury, disability or redundancy or his office or employment either being in a company which ceases to be a Subsidiary or relating to a business or part of a business which is transferred to a person who or which is neither a Subsidiary nor a Group company; or.
(iii) his leaving service at any time other than at a time specified in sub-paragraph (i) or (ii) above, provided that such event occurs not earlier than three years from the Date of Grant of the Option;
in any of which circumstances the Option may be exercised at any time during the period of six months from the date on which he so ceases to be an employee or director of any member of the Group notwithstanding that the Normal Repayment Date shall not have occurred.
(F) For the purposes of Rule 7(E) above and Rule 9 below (but for no other purpose):-
(i) a Participant shall not be regarded as having ceased to hold office or employment by reason of:-
(a) his being or becoming employed by a company which ceases to be or is not a Participating Company but is nevertheless an Associated Company or is under the Control of the Company; or.
(b) his ceasing to be employed full-time but continuing to be employed on a part-time basis; and.
(ii) a Participant shall be regarded as ceasing to hold office or employment when he holds no employment with any of the Company, any Associated Company and any company Controlled by the Company.
(G) In the event of the death of a Participant prior to the Normal Repayment Date the Option may be exercised by his personal representatives at any time during the period of twelve months commencing on the date of his death (but not later) and the personal representatives shall be entitled to do so notwithstanding that the Normal Repayment Date has not occurred and in the event of the death of a Participant within six months commencing on the Normal Repayment Date his personal representatives may exercise the Option at any time within twelve months commencing on the Normal Repayment Date.
(H) A Participant who reaches the Specified Age prior to the Normal Repayment Date but continues to hold the office or employment by virtue of which he is eligible to participate in the Plan may exercise the Option within six months after the date of his reaching the Specified Age.
(I) If an Option becomes exercisable under any provision of the Plan before the Normal Repayment Date it shall be exercisable only to the extent permitted by Rules 7(A) and (C) above. The Repayment made under the Savings Plan entered into on the grant of an Option shall exclude any contributions made direct by the Participant except to the extent that such are made pursuant to any special arrangements relating to absence from employment. For the avoidance of doubt, any Repayment under the Savings Plan shall exclude the Repayment of any contributions made in advance under the Savings Plan the due date for payment of which falls or would have fallen more than one month after the date on which Repayment is made.
(J) An Option shall be exhausted and automatically cancelled immediately after it is first exercised notwithstanding that it shall not have been exercised in respect of all of the Shares over which the Option was granted.
8. Lapse of Option.
A Participant’s Option shall lapse and cease to be exercisable:-
(A) upon the expiry of any of the periods for exercise under the provisions of Rule 7 above and Rule 9 below, whichever shall first occur; or.
(B) if the Participant omits seven or more times to make a monthly payment due under his Savings Plan or gives notice under the Savings Plan requiring Repayment before the Normal Repayment Date unless such non-payment or notice is in consequence of his ceasing to be an Eligible Employee by virtue of one of the causes mentioned in Rules 7(E) or (G) above or in the circumstances of Rules 7 (H) above or Rule 9 below .
9. Takeover and Liquidation.
(A) If any person obtains Control of the Company as a result of making:-
(i) a general offer to acquire the whole of the issued share capital of the Company (not otherwise held or contracted to be acquired by the offeror) which is made on a condition such that if it is satisfied the person making the offer will have Control of the Company; or.
(ii) a general offer to acquire all the shares in the Company which are of the same class as the Shares (including the Shares represented by ADSs);
then any Subsisting Option may be exercised within six months of the time when the person making the offer has obtained Control of the Company and any condition subject to which the offer is made has been satisfied.
(B) If under Section 425 of the Companies Act 1985 the Court sanctions a compromise or arrangement proposed for the purposes of or in connection with a Plan for the reconstruction of the Company or its amalgamation with any other company or companies, any Subsisting Option may be exercised within six months of the Court sanctioning the compromise or arrangement.
(C) If any person becomes bound or entitled to acquire shares in the Company under Sections 428 to 430 of the Companies Act 1985 any Subsisting Option may be exercised at any time when that person remains so bound or entitled.
(D) If as a result of the events specified in Rules 9(A) or (B) above a company has obtained Control of the Company, or if a company has become bound or entitled as mentioned in Rule 9(C) above, any Participant may by agreement with that other company (the “Acquiring Company”) within the Appropriate Period as defined in.
paragraph 15(2) of Schedule 9 release any Subsisting Option of his in consideration of the grant of a new Option (the “New Option”) which satisfies the following conditions:-
(i) the New Option shall be over shares in the Acquiring Company or another company which satisfies paragraph (b) or (c) of Paragraph 10 of Schedule 9 in relation to the Acquiring Company and shall satisfy the conditions specified in paragraphs 10 to 14 inclusive of Schedule 9;
(ii) the New Option shall be a right to acquire such number of such shares in the Acquiring Company (or such other company) as shall have on the grant of the New Option an aggregate market value equal to the aggregate market value of the Shares subject to the Option immediately before its release and for this purpose market value shall be ascertained by the application of Rule 5(A)(i) above as at the date of release of the Option and grant of the New Option;
(iii) the New Option shall have an Exercise Price such that the aggregate price payable on complete exercise equals the aggregate price which would have been payable on complete exercise of the Option; and.
(iv) the New Option shall be otherwise identical in terms to the Option.
AND the New Option shall, for all other purposes of this Plan, be treated as having been acquired at the same time as the Option in consideration of the release of which it is granted. With effect from the release of any Option pursuant to Rules 6, 7(A), (B) and (C), this Rule 9 and Rule 10 of this Scheme shall in relation to the New Option be construed as if references therein to “the Company” were references to the Acquiring Company or, as the case may be, such other company and all the Rules (other than Rules 3 to 5 inclusive) shall in relation to the New Option be construed as if references therein to Shares were references to shares in the Acquiring Company or, as the case may be, such other company in respect of whose shares the New Option is granted.
(E) If the Company passes a resolution for voluntary winding up, any Subsisting Option may be exercised within six months of the passing of the resolution.
(F) For the purposes of this Rule 9 a person shall be deemed to have obtained Control of a Company if he and others acting in concert with him have together obtained Control of it.
(G) The exercise of an Option pursuant to the preceding provisions of this Rule 9 shall be subject to the provisions of Rule 7 above.
(H) Any Option shall lapse if:-
(i) it shall not have been exercised by the expiry of any time limit for exercise set out in this Rule 9, whichever shall expire first; and.
(ii) no agreement for the release of the Option shall have been entered into by the expiry of the first Appropriate Period to commence pursuant to Rule 9(D) above.
10. Allotment and Listing.
(A) Subject to receipt of the appropriate remittance, Shares to be acquired pursuant to the exercise of an Option will be allotted or transferred not later than forty-five (45) days after the exercise of the Option and will rank pari passu in all respects with the Shares in issue on the date of exercise save that they will not rank for any dividend or other distribution paid or made by reference to the date (known as the record date) on which entitlement to the dividend or distribution is fixed by reference to the Company’s register of members if that date falls prior to the date of exercise of the Option.
(B) If the Shares are listed on the London Stock Exchange at the date of allotment of any Shares pursuant to the Plan the Company will apply to the London Stock Exchange for permission for such Shares so allotted to be admitted to the Official List. An application may be postponed at the discretion of the Board until application can be made in respect of such number of Shares as the Board consider appropriate.
11. Employment Rights.
(A) This Plan shall not form part of any contract of employment between any member of the Group and any employee of any such company and the rights and obligations of any individual under the terms of his office or employment with any member of the Group shall not be affected by his participation in the Plan or any right which he may have to participate therein.
(B) Participation in the Plan shall be on the express condition that:-
(i) neither it nor cessation of participation shall afford any individual under the terms of his office or employment with any member of the Group any additional or other rights to compensation or damages; and.
(ii) no damages or compensation shall be payable in consequence of the termination of such office or employment (whether or not in circumstances giving rise to a claim for wrongful or unfair dismissal) or for any other reason whatsoever to compensate him for the loss of any rights the Participant would otherwise have had (actual or prospective) under the Plan howsoever arising but for such termination; and.
(iii) the Participant shall be deemed irrevocably to have waived any such rights to which he may otherwise have been entitled.
(C) No individual shall have any claim against a member of the Group arising out of his not being admitted to participation in the Plan which (for the avoidance of all if any doubt) is governed entirely by the Rules of the Plan.
(D) No Participant shall be entitled to claim compensation from any member of the Group in respect of any sums paid by him pursuant to the Plan or for any diminution or extinction of his rights or benefits (actual or otherwise) under any Option held by him consequent upon the lapse for any reason of any Option held by him or otherwise in connection with the Plan and each member of the Group shall be entirely free to conduct its affairs as it sees fit without regard to any consequences under, upon or in relation to the Plan or any Option or Participant.
12. Administration of the Plan.
(A) The Board may make and vary such regulations (not being inconsistent with the Plan) as it thinks fit for the administration and implementation of the Plan. The Board’s decision on any matter concerning the Plan or its interpretation (other than a matter to be certified by the Auditors) shall be final and binding.
(B) The Board shall be entitled by resolution to amend all or any of the provisions of the Plan as the Board thinks fit except that no alteration shall be made:-
(i) to the advantage of Participants without the prior sanction of an ordinary resolution of the Company in general meeting except for minor amendments to benefit the administration of the Plan and amendments to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants in the Plan or for any member of the Group; or.
(ii) to any rights already accrued to any Participant which would be to the disadvantage of such Participant, without the prior consent of such Participant.
(C) Written notice of any alteration made in accordance with Rule 12(B) above shall be given to all Participants.
(D) The Company shall keep available sufficient issued and/or unissued Shares (including Shares to be represented by ADSs) in the capital of the Company to satisfy the exercise in full of all Options for the time being remaining capable of being exercised.
(E) Participants shall be sent copies of any document having a material effect on their rights at the same time as such document is sent to holders of Shares.
(F) The provisions of the Company’s Articles of Association for the time being in force with regard to the service of notices upon members of the Company shall apply mutatis mutandis to any notice to be given by the Company to Participants.
(G) Notwithstanding anything to the contrary contained herein, the Board may at any time and from time to time by resolution and without further formality amend the Plan in such manner as the Board may consider necessary or desirable in order to comply with, take advantage of, or otherwise in connection with any taxation, legal, regulatory or other rule, law, guideline, regulation or other provision of or prevailing in any jurisdiction in which this Plan is or is intended to be operated PROVIDED.
that no such amendment shall be made to the advantage of Participants save as specified in Rule 12(B)(i) above without the prior approval of the Company in General Meeting.
13. Termination of the Plan.
The Plan may be terminated at any time by the Board or by the Company in general meeting but in any event shall terminate on the tenth anniversary of the Commencement Date and on such termination no further Options shall be granted, but the subsisting rights of Participants shall not be affected by such termination.
14. General.
(A) Any Participating Company may provide money to the Trustee or any other person to enable them or him to acquire Shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent not prohibited by Section 151 of the Companies Act 1985.
(B) The Plan shall be subject to, governed and construed in accordance with English law and for the avoidance of doubt, notwithstanding any translation of the Plan rules, the English version of the Plan rules shall prevail at all times.
SPECIAL INTERNATIONAL RULES.
The Rules of the Plan apply with and subject to the following amendments and provisions which have been adopted by the Board pursuant to Rule 12(G) for the purposes of the operation of the Plan in the jurisdictions specified below:
Australia (Appendix 8)
Belgium (Appendix 1)
Bosnia (Appendix 12)
Canada (Appendix 2)
Czech Republic (Appendix 10)
France (Appendix 3)
Germany (Appendix 9)
Ireland (Appendix 5)
Italy (Appenix 11)
New Zealand (Appendix 6)
Singapore (Appendix 7)
United States (Appendix 4)
The Rules of the Plan apply in the jurisdictions specified below:
IMPERIAL TOBACCO GROUP INTERNATIONAL SHARESAVE PLAN.
APPENDIX FOR BELGIUM.
The purpose of this appendix is to specify terms and conditions under which the Plan is to be modified in its application to any Option granted or to be granted to a person resident for tax purposes in Belgium.
Words or phrases defined in the Plan shall bear the same meaning in this Appendix 1 except as otherwise provided.
Rule 7(A) this rule shall be deleted and replaced with.
“(A) The extent to which an Option may be exercised on or after the Normal Repayment Date related to the Option, shall be either:-
(i) in full; or.
(ii) in respect of a participant who ceased to be an employee or director of any member of the Group (so as to hold no such employment or office) in that proportion which the number of specified contributions, which shall have been made on or before the date the Participant ceased to be an employee or director of any member of the Group bears to the Relevant Multiple.”
Rule 7(D) delete the words “save as otherwise provided, an” and replace with “An”.
Rule 7(E) delete the three lines after paragraph (iii) in Rule 7(E) and replace with the following:-
“in any of which circumstances the Option may be exercised at any time during the period of six months from the Normal Repayment Date.”
Rule 7(G) delete Rule 7(G) and replace with the following:-
“(G) In the event of the death of a Participant prior to the Normal Repayment Date the Option may be exercised by his personal representatives at any time during the period of the six months commencing on the Normal Repayment Date and in the event of the death of a Participant within six months commencing on the Normal Repayment Date his personal representatives may exercise the Option at any time within 12 months commencing on the Normal Repayment Date”.
Rule 7(H) shall be deleted in its entirety.
Rule 7(I) in line 1 after the words “becomes exercisable” insert “after the Normal Repayment Date whether or not the employee ceases to hold office or.
employment with any member of the Group” and delete the words “before the Normal Repayment Date” in the first and second line.
Rule 8(B) shall be amended by deleting the reference to “Rule 7(H) above” in the final line;
Rule 9 Rule 9 shall be deleted in its entirety and replaced with the following:-
“9. Takeover and liquidation.
(A) In the event of:-
(i) a change of Control of the Company in accordance with Rule 9(B);
(ii) a Section 425 Companies Act 1985 the Court sanctions a compromise or arrangement, reconstruction or amalgamation;
(iii) a person becoming bound or entitled to acquire Shares pursuant to Sections 428-430 of the Companies Act 1985;
(iv) the passing of a resolution for the voluntary winding up of the Company.
an appropriate offer or proposal shall be made to the Belgian Participants in respect of any Subsisting Options.
(B) A person obtains control of the Company as a result of making:-
(i) a general offer to acquire the whole of the issued share capital of the Company (not otherwise held or contracted to be acquired by the offeror) which is made on a condition such that if it is satisfied the person making the offer will have Control of the Company; or.
(ii) a general offer to acquire all shares in the Company which are of the same class as the Shares (including the Shares represented by ADSs).
(C) For the purposes of this Rule 9 a person shall be deemed to have obtained Control of a Company if he and others acting in concert with him have together obtained control of it.
IMPERIAL TOBACCO GROUP INTERNATIONAL SHARESAVE PLAN.
APPENDIX FOR CANADA.
The purpose of this appendix is to specify the terms and conditions under which the Plan is to be modified in its application to any Option granted or to be granted to a person resident for tax purposes in Canada.
Words or phrases defined in the Plan shall bear the same meaning in this Appendix 2 except as otherwise provided.
“Grantor” insert the words “, in the case of non-Canadian resident employees,” after the words “either the Board or”.
“Trustee” insert the phrase “(excluding employees resident in Canada)” after the words “wholly or partly for the benefit of all or most of the persons”.
Rule 10(B) is deleted and replaced with the following:
“(B) The Shares are currently listed on the Official List of the London Stock Exchange. It is within the Board’s discretion to apply for admission to the Official List for any subsequently allotted Shares.”
Rule 14(A) is amended by inserting the words “authorised by the Board” after the words “Any Participating Company may provide money to the Trustee or any other person”.
IMPERIAL TOBACCO GROUP INTERNATIONAL SHARESAVE PLAN.
APPENDIX FOR FRANCE.
The purpose of this appendix is to specify the terms and conditions under which the Plan is to be modified so as to conform with articles L225-177 to L225-186 of the French Code de Commerce as amended (the “Code” ) and an administrative regulation (the “Instruction” ) dated 6 May 1988, reference N-3-88 and various articles of the French Tax Code, to the extent required under French law in order to: (i) ensure that Options may be granted to Eligible Employees who are French residents for tax purposes (“ French Eligible Employees ”) under the Plan; and (ii) obtain the most favourable tax treatment of the Plan available under French law from the perspective of the Group and any French Eligible Employee.
Words or phrases defined in the Plan shall bear the same meaning in this Appendix 3 except as otherwise provided.
“Eligible Employee” the following shall be added to the end of this definition;
“and the employee does not own more than 10% of the share capital of the Company”;
“Participant” shall be amended by deleting the words “personal representatives” and replacing them with the words “ héritiers (heirs)”;
“Specified Age” shall be deleted;
“Subsidiary” the following paragraph shall be added to this definition;
“Furthermore, a French company will only be deemed to be a subsidiary if, in addition to the conditions set out above, it is a company in which the Company holds directly or indirectly, at least 10% of the share capital and/or voting rights”;
Rule 3(D) shall be amended by deleting the words “Within forty-two days of the date pursuant to Rule 5(A)(i) below by reference to which the Exercise Price was determined” and replacing them with the words “Within forty-two days of the dealing day immediately preceding the Invitation Date”;
Rule 3(G) shall be amended to read:
“No Option will be granted more than five years after the Adoption Date. No Option will be granted (i) during the period of twenty dealing days on the London Stock Exchange immediately following the payment of any cash dividend or stock dividend or the ex-dividend date for any such dividend, (ii) during the ten dealing days on the London Stock Exchange both preceding and following the date on which the consolidated accounts of the Company (or if consolidated accounts are not drawn up, the annual accounts) are made public, and (iii) during the period elapsing between the date on which the corporate bodies of the Company are made aware of information which, if made public, could have a significant impact on the market price of the shares of the Company, and the date which is ten dealing days after the date on which such information is made public.”;
Rule 5 (A)(i) shall be deleted and replaced with the following wording:
“subject to Rule 5(B), eighty per cent of the average middle market quotation per Share as derived from the Daily Official List of the London Stock Exchange for the twenty dealing days immediately preceding the Date of Grant.”;
Rule 5 (B) shall be deleted and replaced with the following wording:
“For the purposes of an Option granted at any time at which there shall be no dealings in the Shares, the Exercise Price shall be not less than such sum as may be determined by the Board, in accordance with the valuation rules set forth in article L225-177 of the Code, to be the market value of a Share on the Date of Grant.”;
Rule 6 shall be deleted and replaced with the following wording:
“In principle the Exercise Price shall not be modified during the life of the Option. However, in the event of any alteration in the issued share capital of the Company (whether by way of capitalisation of profits or reserves or any sub-division or reduction of capital, or any other operation envisaged by article L225-181 of the Code), then the Exercise Price may be adjusted by the Board in such manner and with effect from such date as the Board may deem appropriate in order to comply with article L225-181.”;
Rule 7 (E) shall be deleted and replaced with the following:
“An Option shall cease to be exercisable upon the Participant ceasing to be an employee or director of any member of the Group (so as to hold no such employment or office) except where his so ceasing is by reason of any of the following circumstances:
(i) redundancy (licenciement pour motif économique);
(ii) his being required by his employer to take retirement ( mise à la retraite ), or his taking retirement, in both cases, in circumstances where he is entitled to a full pension ( retraite à taux plein ) and has reached an age at which he is entitled to exercise his pension rights ( l’âge d’ouverture des droits à la retraite );
(iii) invalidity corresponding to the second or third category specified in article L341-4 of the Code de la Sécurité Sociale ;
(iv) his office or employment being either in a company which ceases to be a Subsidiary or relating to a business or part of a business which is transferred to a person who or which is neither a Subsidiary nor a Group company;
(v) his leaving service for any reason other than specified in sub-paragraph (i) to (iv), at a time not earlier than three years from the Date of Grant.
In cases of (i), (ii), (iii), (iv) and (v), the Option may be exercised at any time during the period of six months from the date on which the Participant ceases to be an employee or director of any member of the Group notwithstanding that the Normal Repayment Date shall not have occurred.
Rule 7(G) shall be amended to read as follows:
“In the event of the death of a Participant prior to the Normal Repayment Date, the Option may be exercised by his heirs ( héritiers ) at any time during the period of six months commencing on the date of his death (but not later) and the relevant héritiers (heirs) shall be entitled to do so notwithstanding that the Normal Repayment Date has not occurred. For the avoidance of doubt, the provisions of Rule 7(A)(ii) above shall apply. In the event of the death of a Participant within six months commencing on the Normal Repayment Date, his heirs ( héritiers ) may exercise the Option at any time within the twelve months commencing on the Normal Repayment Date.”;
Rule 7(H) shall be deleted in its entirety;
Rule 8(B) shall be amended by deleting the reference to “Rule 7(H) above” in the final line;
Rule 9 shall be deleted in its entirety and replaced with the following:
& # 8220; 9. Takeover and Liquidation.
(A) In the event of:
(i) a change of Control of the Company in accordance with Rule 9(B);
(ii) the Court sanctioning a compromise or arrangement, reconstruction or amalgamation under Section 425 Companies Act 1985;
(iii) a person becoming bound or entitled to acquire Shares pursuant to Sections 428-430 of the Companies Act 1985;
(iv) the passing of a resolution for the voluntary winding up of the Company.
an appropriate offer or proposal shall be made to the French Participants in respect of any Subsisting Options.
(B) A person obtains control of the Company as a result of making:
(i) a general offer to acquire the whole of the issued share capital of the Company (not otherwise held or contracted to be acquired by the offeror) which is made on the condition such that if it is satisfied the person making the offer will have the Control of the Company; or.
(ii) a general offer to acquire all the shares in the Company which are of the same class as the Shares (including the Shares represented by the ADS).
(C) For the purposes of this Rule 9 a person shall be deemed to have obtained Control of a Company if he and others acting in concert with him have together obtained control of it.”;
Rule 12 The following wording should be added to the end of this Rule:
“(H) In order to ensure the most favourable treatment for the Group (as a first priority) and for the French Eligible Employees (as a second priority) in terms of taxes, social security charges and all similar duties whatsoever, under French law from time to time in force, the Board may, in accordance with article L225-177 of the Code, impose an interdiction de revente immédiate (“Compulsory Holding Period”) during which the Shares acquired on exercise of any Option may not be sold by the French Eligible Employee (except in circumstances where such sale will not undermine a favourable regime otherwise applying, including for example those circumstances specified in article 91 ter of Annexe II of the Tax Code). The Compulsory Holding Period may in no.
circumstances exceed three years from the date of exercise of the relevant Option.
Furthermore, the Board may require the French Eligible Employees to expressly undertake to respect a Compulsory Holding Period, and, in the event of breach of this undertaking, to indemnify their French employing company and any member of the Imperial Tobacco Group in respect of all charges, expenses or liability of any nature whatsoever incurred by such entities as a result of such breach.”
Rule 13 The following words shall be added to this Rule:
“Furthermore, no further Options will be granted by the Board after the fifth anniversary of the Adoption Date unless authorisation is given by the Company in general meeting for the Board to do so. Such authorisation may be granted for a further period of up to 38 months.”;
Rule 14(B) The following wording shall be added to this Rule:
“, although for the purposes of Options granted to French Eligible Employees, the terms and conditions of the Plan shall be interpreted in accordance with French law, where necessary in order to ensure compliance with the Code, the Instruction and the relevant articles of the Tax Code, to the extent required under French law in order to ensure the most favourable tax treatment of the Plan from the perspective of the Group, as a first priority, and the French Eligible Employees, as a second priority.”.
IMPERIAL TOBACCO GROUP INTERNATIONAL SHARESAVE PLAN.
APPENDIX FOR THE UNITED STATES OF AMERICA.
The purpose of this appendix is to specify the terms and conditions under which the Plan is to be modified in its application to any Option granted or to be granted to a person resident for tax purposes in the United States of America.
Words or phrases defined in the Plan shall bear the same meaning in this Appendix 4 except as otherwise provided.
the price per Share or price per ADS at which a participant may acquire Shares or ADSs pursuant to the Plan (as determined in accordance with Rule 5).
a right to acquire Shares, or ADSs, granted pursuant to the Plan.
insert “or the ADSs, if applicable,” after the words “Exercise Price for the Shares”.
insert as a new Rule 3(B)(ii) the following and re-number Rule 3(B)(ii) and 3(B)(iii) as 3(B)(iii) and 3(B)(iv) respectively.
“(ii) whether the Shares to be issued upon the exercise of Options may be delivered in the form of ADSs; and”
insert the words “or ADSs, if applicable,” after the word “Shares” in the penultimate line.
insert the words “or ADSs, if applicable,” after the word “Shares” in lines 4 and 5.
insert the words “or ADSs, if applicable,” after the word “Shares” in line 2.
insert the following words after “Invitation Date” in the final line:
“and, if permitted by the relevant invitations, Options shall be granted to the Eligible Employee in respect of that number of ADSs as would have an aggregate Exercise Price not exceeding the Relevant Multiple of the Eligible Employee’s proposed monthly dollar contributions to the Savings Plan as at the Date of Grant;”
insert the words “or ADSs, if applicable,” after the word “Shares” wherever that word occurs.
in line 3 insert the words “or expressed in dollars in the case of Options for ADSs” after the words “in the case of Options for Shares”.
insert after the words “Invitation Date” in the final line, the words “or eighty per cent of the closing price per ADS as derived from the New York Stock Exchange Consolidated Tape on the trading day immediately preceding the Invitation Date in the case of Options for ADS;”.
insert at the end of this rule “or the nominal value of the Shares represented by ADS in the case of Options for ADSs”.
insert after the word “Shares&
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