No smoke without fire as vulture fund quietly builds stake in British American Tobacco PLC and Imperial Brands PLC

No smoke without fire as vulture fund quietly builds stake in BATS and IMPS
Kenneth Dart has been quietly building stakes in Britain's two listed companies - both of them deeply unfashionable stocks.
Tobacco, so they say, is a dying business.
Well, it is for many of its customers, anyway.
The stocks have been known for decades as BATS and IMPS to their fans. That fan base may be diminishing as environmental, social and governance (ESG) issues become more prominent but hard-nosed investors who care not for ESG issues are still clambering aboard, among them Kenneth Dart, the secretive billionaire investor.

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