The
authority given at last year’s AGM of the company held on 12 July 2006 for
the company to purchase in the market 834 million of its shares,
representing 10% of the issued share capital, expires on 11 October 2007.
Shareholders will be asked to give a similar authority at the AGM.
During the 2007 financial
year, 148 million shares of 5 pence each were purchased under this
authority (1.7% of the share capital) for a total consideration of £401
million, at an average price of £2.72 per share. The shares were purchased
in an on-market programme of buying back the company’s shares, initiated
in November 2003, as part of the company’s shareholder distribution
strategy. For more details, see the share buy back table. A total of 368
million shares have been retained as treasury shares. At 16 May 2007, 91
million treasury shares had been transferred to meet the company’s
obligations under its employee share plans.
By order of the Board
Larry Stone
Secretary
16 May 2007
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