Pharos Energy PLC has announced the purchase and cancellation of a number of its ordinary shares as part of its share buyback programme. On 5th February 2024, the company bought 24,421 ordinary shares at a volume-weighted average price of 20.4750 pence per share through Peel Hunt LLP. Following the purchase and cancellation, the company will have 431,498,220 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 20,847,207 ordinary shares for cancellation at a cost of £4,920,399.86, 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 of Pharos Energy PLC, and Sue Rivett, Chief Financial Officer, are available for further information. The company's investor relations contact at Camarco can also be reached for inquiries. This update provides shareholders with the necessary information for calculating their interest in the company under the FCA's Disclosure Guidance and Transparency Rules.
This announcement reflects Pharos Energy PLC's ongoing efforts to optimize its capital structure and enhance shareholder value through the efficient use of its financial resources.