Pharos Energy PLC has announced the purchase and cancellation of its own shares as part of its share buyback program. On 11 April 2024, the company purchased 43,717 ordinary shares at a volume-weighted average price of 22.2100 pence per share through Peel Hunt LLP. Following the purchase and cancellation, the company will have 429,860,146 ordinary shares in issue, with 9,122,268 ordinary shares held in treasury.
Since the initiation of the earlier phase of the share buyback program in July 2022, Pharos Energy PLC has purchased a total of 22,485,281 ordinary shares for cancellation at a cost of £5,251,561.48, excluding stamp duty and dealing expenses. The company has provided detailed information on the individual trades made by Peel Hunt as part of the program, in accordance with the Market Abuse Regulation.
Shareholders may use the figure of 420,737,878 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 announcement provides insight into Pharos Energy PLC's recent financial activities, demonstrating the company's commitment to its share buyback program and its efforts to manage its capital structure effectively.