28. Treasury shares
| Pearson plc | ||||||||
| Number of shares 000s |
£m | |||||||
|
At 1 January 2016 |
6,705 | 72 | ||||||
|
Purchase of treasury shares |
3,000 | 27 | ||||||
|
Release of treasury shares |
(1,986 | ) | (20 | ) | ||||
|
|
|
|
|
|||||
|
At 31 December 2016 |
7,719 | 79 | ||||||
|
Purchase of treasury shares |
— | — | ||||||
|
Release of treasury shares |
(1,725 | ) | (18 | ) | ||||
|
|
|
|
|
|||||
|
At 31 December 2017 |
5,994 | 61 | ||||||
|
|
|
|
|
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The Group holds Pearson plc shares in trust to satisfy its obligations under its restricted share plans (see note 26). These shares, representing 0.8% (2016: 0.9%) of called-up share capital, are treated as treasury shares for accounting purposes and have a par value of 25p per share.
The nominal value of Pearson plc treasury shares amounts to £1.5m (2016: £1.9m) . Dividends on treasury shares are waived.
At 31 December 2017, the market value of Pearson plc treasury shares was £44m (2016: £63m).