Pharos Energy PLC has announced the purchase and cancellation of a number of its ordinary shares as part of its share buyback programme. On 25th March 2024, the company bought 56,626 ordinary shares at a volume weighted average price of 20.9000 pence per share through Peel Hunt LLP. Following the purchase and cancellation, the company will have 430,375,465 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 21,969,962 ordinary shares for cancellation at a cost of £5,141,609.73, 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 recent update reflects the company's commitment to returning value to its shareholders and maintaining an efficient capital base.