Pharos Energy PLC has announced the purchase and cancellation of a specific number of its ordinary shares through Peel Hunt LLP as part of its share buyback programme. On 12 February 2024, the company acquired 31,809 ordinary shares at a volume-weighted average price of 21.0000 pence per share. Following the purchase and cancellation, the company will have 431,434,246 ordinary shares in issue, with 9,122,268 ordinary shares held in treasury.
Since the initiation of the earlier phase of the share buyback programme in July 2022, Pharos Energy PLC has purchased a total of 20,911,181 ordinary shares for cancellation at a cost of £4,933,634.14, excluding stamp duty and dealing expenses. The company has provided detailed information on the individual trades made by Peel Hunt as part of the programme, in accordance with the Market Abuse Regulation.
Jann Brown, Chief Executive Officer, and Sue Rivett, Chief Financial Officer, can be contacted for further information. The company's share buyback programme aims to optimize its capital structure and enhance shareholder value. This update provides transparency and insight into Pharos Energy PLC's recent financial activities and its commitment to delivering value to its shareholders.