Companies Act 2014 section 328

Directors' report: acquisition or disposal of own shares

Section 328 requires specific disclosures in the directors' report whenever a company holds or acquires its own shares, or its shares are held or acquired by a subsidiary undertaking, at any point during the financial year.

• The directors' report must state the number, nominal value and consideration paid for any of the company's own shares held by the company or any subsidiary at the start and end of the financial year.
• A full reconciliation of movements in those shares during the year must be provided, covering additional acquisitions, disposals and cancellations, together with the consideration paid or received for each movement.
• The reasons for any acquisitions of own shares made during the financial year must be disclosed.
• The proportion of called-up share capital represented by those shares must be stated as at both the beginning and the end of the financial year.