Pharos Energy PLC has announced the purchase and cancellation of a number of its ordinary shares as part of its share buyback programme. On 13 May 2024, the company purchased 44,588 ordinary shares at a volume weighted average price of 22.5000 pence per share through Peel Hunt LLP. Following the purchase and cancellation, the company will have 429,181,414 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 23,164,013 ordinary shares for cancellation at a cost of £5,408,313.47, 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.
Shareholders may use the figure of 420,059,146 as the denominator for calculating whether they are required to notify their interest in, or a change to their interest in, the company under the FCA's Disclosure Guidance and Transparency Rules. For further information, interested parties can contact Pharos Energy PLC or Camarco, the company's communications advisor.
This update provides insight into Pharos Energy PLC's ongoing efforts to manage its share capital and optimize its capital structure, ultimately aiming to enhance shareholder value.