Where shares in a limited company are redeemed—
the shares are treated as cancelled, and
the amount of the company's issued share capital is diminished accordingly by the nominal value of the shares redeemed.
Section 688: Redeemed shares treated as cancelled
Companies Act 2006 · 2006 c. 46View on legislation.gov.uk
Part 18: Acquisition by limited company of its own shares — Chapter 3: Redeemable shares
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