Note to the Financial Statements
Post-Balance Sheet Event: Share Buyback and Director Shareholding Update
On October 22, 2024, subsequent to the financial year ended September 30, 2024, the company completed a significant share buyback transaction involving both Ordinary A and Ordinary B Shares held by Director Timothy Sampson. The key details are as follows:
1. Pre-Transaction Shareholding:
• As of September 30, 2024, Timothy Sampson held:
• 41.9% of the company’s Ordinary A Shares, and
• 40% of the company’s Ordinary B Shares.
2. Share Buyback Details:
• The company repurchased all Ordinary B Shares held by Timothy Sampson, resulting in the cancellation of his entire holding of Ordinary B Shares.
• Additionally, the company repurchased a portion of Timothy Sampson’s Ordinary A Shares, reducing his ownership in Ordinary A Shares from 41.9% to 3.95%.
• The transaction was conducted in compliance with the company’s Articles of Association and relevant legal and regulatory requirements.
3. Post-Transaction Shareholding:
• Following the buyback:
• Timothy Sampson no longer holds any Ordinary B Shares.
• His ownership of Ordinary A Shares now stands at 3.95% of the total Ordinary A Shares issued.
4. Impact on Equity:
• As the transaction occurred after the financial year-end, it is disclosed as a non-adjusting post-balance sheet event, in accordance with Section 32 of FRS 102 (Events After the End of the Reporting Period) under UK GAAP.
• The financial implications, including reductions in share capital and reserves, will be reflected in the financial statements for the year ending September 30, 2025.
This transaction is part of the company’s strategic efforts to streamline its share structure and enhance capital efficiency. Detailed disclosures of the financial impact will be provided in the next reporting period.