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Notes to the Company Financial Statements

8. Treasury shares

Number
of shares
000s
m
At 1 January 2006 5,249 55
Purchase of treasury shares less contributions received 4,700 26
Release of treasury shares (1,188) (16)
At 31 December 2006 8,761 65
Purchase of treasury shares less contributions received 4,900 46
Release of treasury shares (1,900) (29)
At 31 December 2007 11,761 82

The Company holds its own shares in trust to satisfy its obligations under its restricted share plans. These shares are held as treasury shares and have a par value of 25p per share. The nominal value of the Company’s treasury shares amounts to 2.9m (2006: 2.2m). At 31 December 2007 the market value of the Company’s treasury shares was 86.1m (2006: 67.6m).

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