v3.24.2
Equity
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
Equity Equity
Movements in the Company’s number of shares in issue for the six months ended June 29, 2024 and July 1, 2023, respectively, were as follows:
Six months ended
(number of shares)
June 29,
2024		July 1,
2023
Balance as of the beginning of the period264,259,788 282,578,917 
Exercise of share options635,615 2,104,358 
Vesting of restricted stock units, net of withholding taxes857,681 937,102 
Shares repurchased and cancelled(4,151,100)(21,934,634)
Balance as of the end of the period261,601,984 263,685,743 
The Company has one class of authorized and issued shares, with a par value of $0.01, and each share has equal voting rights.
In February 2024, the Company’s Board approved a share repurchase program for up to $100.0 million in authorized share repurchases, which expires on October 6, 2024. On February 12, 2024, the Company, certain selling shareholders affiliated with Blackstone, and the representatives of the several underwriters entered into an underwriting agreement pursuant to which the selling shareholders agreed to sell to the underwriters 17,500,000 ordinary shares of the Company at a price of $12.045 per ordinary share (the “February 2024 Offering”). The selling shareholders also granted the underwriters an option to purchase up to 2,625,000 additional ordinary shares of the Company; this option was exercised in full on February 16, 2024. The Company did not receive any proceeds from the sale of ordinary shares in the February 2024 Offering, which closed on February 16, 2024. In connection with the February 2024 Offering, the Company repurchased 4,151,100 ordinary shares through Citigroup Global Markets Inc. from the same selling shareholders at a price of $12.045 per ordinary share for an aggregate consideration of approximately $50.0 million (the “2024 Repurchase”), plus costs paid directly related to the transaction of $0.3 million. This repurchase was funded by cash on hand. All shares repurchased pursuant to the 2024 Repurchase have been cancelled.
In July 2024, the Company’s Board cancelled its existing share repurchase program and approved a new share repurchase program, providing for up to $250.0 million in share repurchases, which expires on December 31, 2025.