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7 Treasury shares
| Number of shares 000s |
£m | |
|---|---|---|
| At 1 January 2005 | 4,623 | 60 |
| Purchase of treasury shares less contributions received | 626 | (5) |
| At 31 December 2005 | 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 |
The Company holds it 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 £2.2m (2005: £2.1m). At 31 December 2006 the market value of the Company's treasury shares was £67.6m (2005: £36.2m).