267694 EdinburghIT AR 2024 WEB - Flipbook - Page 72
70 / FINANCIAL REVIEW / THE EDINBURGH INVESTMENT TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS / CONTINUED
2024
2023
Number of ordinary shares in issue:
Brought forward
165,476,525
171,078,129
Shares bought back and held in treasury
(13,985,000)
(5,601,604)
Carried forward
151,491,525
165,476,525
Brought forward
30,190,209
24,588,605
Shares bought back into treasury
13,985,000
5,601,604
Number of shares held in treasury:
Carried forward
Total ordinary shares
44,175,209
30,190,209
195,666,734
195,666,734
During the year the Company bought back, into treasury 13,985,000 (2023: 5,601,604) ordinary shares at an average price of
664.84p (2023: 632.40p) (including costs).
Since the year end to 22 May 2024, (being the last practicable day prior to the publication of this report), 640,000 shares
have been bought back into treasury. Note 1L on page 64 explains the policy on the transaction costs related to the shares
repurchased and held in treasury.
The Directors’ Report on pages 42 and 43 sets out the Company’s share capital structure, restrictions and voting rights.
14. RESERVES
This note explains the different reserves attributable to shareholders. The aggregate of the reserves and share capital (see
previous note) make up total shareholders’ funds.
The share premium comprises the net proceeds received by the Company following the issue of shares, after deduction of the
nominal amount of 25 pence and any applicable issue costs. The capital redemption reserve maintains the equity share capital
of the Company and arose from the nominal value of any shares bought back and cancelled; both are non-distributable.
The capital reserve includes the investment holding gains/(losses), being the difference between cost and market value at the
balance sheet date. It also includes cumulative realised gains/(losses) and costs related to share buybacks. Capital investment
gains and losses are shown in note 9(b) and form part of the capital reserve.
The revenue reserve and certain amounts of the capital reserve are distributable by way of dividend.
15. NET ASSET VALUE PER ORDINARY SHARE
The Company’s total net assets (total assets less total liabilities) are often termed shareholders’ funds and are converted into
NAV per ordinary share by dividing by the number of shares in issue (excluding treasury shares).
NAV - debt at par value
The shareholders’ funds in the balance sheet are accounted for in accordance with accounting standards.
2024
2023
NAV Shareholders’
per share
funds
pence
£’000
NAV Shareholders’
per share
funds
pence
£’000
Shareholders’ funds
749.25
1,135,047
688.52
1,139,344
NAV - debt at par
749.25
1,135,047
688.52
1,139,344
A reconciliation showing the NAV per share and Shareholders’ funds using debt at fair value is shown in the Alternative
Performance Measures on page 86.
