21Own shares held
Own share | Treasury | ESOP | Total | |
|---|---|---|---|---|
At 1 January 2008 | − | 89,652 | 348 | 90,000 |
Purchase of own shares | − | 40,286 | − | 40,286 |
Issuance of shares | − | (21,975) | (348) | (22,323) |
At 31 December 2008 | − | 107,963 | − | 107,963 |
At 1 January 2007 | 57,897 | – | 348 | 58,245 |
Purchase of own shares | – | 120,419 | – | 120,419 |
Appropriation for future share cancellations | 8,142 | – | – | 8,142 |
Cancellation of shares | (66,039) | – | – | (66,039) |
Issuance of shares | – | (30,767) | – | (30,767) |
At 31 December 2007 | – | 89,652 | 348 | 90,000 |
During the year £40,286,000 (2007: £128,561,000) of shares were repurchased, representing 41.2 million (2007: 94.5 million) shares. Share repurchase transactions in respect of 55,719,000 shares carried out between 19 May 2006 and 21 February 2007 took place at a time when ARM Holdings plc (Company only) had no distributable reserves and accordingly such shares were not properly acquired in accordance with the Companies Act 1985, and were not available for re-issue or cancellation. ARM Holdings plc made an application to the Court during 2007 and cancelled these shares pursuant to a special resolution passed at the 2007 AGM.
At 31 December 2008, a total of 91.2 million shares (2007: 65.2 million) were held as Treasury stock and nil shares (2007: 1.2 million shares) were held within the ESOP. At 31 December 2008, own shares held have a nominal value of 0.05 pence (2007: 0.05 pence) and in total represent 6.8% (2007: 4.9%) of called-up share capital.
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