Rightmove announced yesterday that it purchased 170,000 of its 0.1p ordinary shares at a volume weighted average price paid per share of 579.735p. The highest price paid per share was 582.800p and the lowest price paid per share was 576.400p.

The number of shares purchased represented 0.0212% of the voting rights attributable to the total ordinary shares in issue prior to such purchase. The purchased shares will be cancelled.

Since announcing a share buy-back programme on 28 December 2007, Rightmove has purchased in aggregate 506,914,461 ordinary shares.

The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 800,472,232. Rightmove holds 11,667,387 shares in treasury.

Companies buy back their own shares to keep up or further boost the share price, by reducing the number of shares in circulation; this approach is also sometimes undertaken to reduce the total number of shareholders in a company, or to use uninvested cash held by the company.

During a buy-back, the company pays participating shareholders the market value per share.

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