During the period, the Board launched an annual share buyback programme, initially of a minimum of £20.0 million. The 2025 buyback programme was subsequently increased to £50.0 million, reflecting the assessment of current liquidity and the improved prospects for proceeds. Since the start of the year the Company has acquired and cancelled 4.5 million shares for an aggregate £21.4 million as at 30 June 2025.
(a) Authorised and issued capital
The authorised share capital of the Company is 280 million ordinary shares of a par value of £0.01 each. At period end, ordinary shares were listed and traded on the SFS of the LSE. Each ordinary share confers the right to one vote and shareholders have the right to receive dividends.
As at 30 June 2025, the Company’s issued and fully paid share capital was 171.9 million ordinary shares (30 June 2024: 176.4 million).
As at 30 June 2025 ’000 | As at 31 December 2024 ’000 | As at 30 June 2024 ’000 | |||
|---|---|---|---|---|---|
Ordinary shares outstanding at the beginning of the period | 176,418 | 176,418 | 176,418 | ||
Ordinary shares purchased | (4,531) | – | – | ||
Ordinary shares outstanding at the end of the period | 171,887 | 176,418 | 176,418 |
(b) Share premium
Share premium represents the amount received in excess of the nominal value of ordinary shares.