(a) Authorised and issued capital
The authorised share capital of the Company is 280 million ordinary shares at a par value of £0.01 each. Ordinary shares are listed and traded on the SFS of the LSE Main Market. Each share confers the right to one vote and shareholders have the right to receive dividends.
During the year ending 31 December 2023, the Company did not undertake any share purchases.
During the year ending 31 December 2022, the Company purchased 2.18 million ordinary shares. The ordinary shares purchased by the Company were cancelled and are available for reissue.
As at 31 December 2023, the Company's issued and fully paid share capital was 176 million ordinary shares (2022: 176 million).
2023 ‘000’ | 2022 ’000’ | ||
Ordinary shares outstanding at the beginning of the year | 176,418 | 178,600 | |
Ordinary shares purchased | – | (2,182) | |
Ordinary shares outstanding at the end of the year | 176,418 | 176,418 |
(b) Share premium
Share premium represents the amount received in excess of the nominal value of ordinary shares.