Actually my total is higher that the most recent TVR RNS, not lower.
My understanding was that the bonus shares issued are taken from the quantity available within each bonus Plan (of which there are five). I beleive there are somewhere in the region of 850m shares in these Plans that have been issued but not allocated. There is usually a block-listing RNS issued when extra, new, shares are added to these Plans. However, you may be correct in that although they are issued they might not actually be included in the TVR total until they have been allocated.
There was a TVR RNS issued on Feb 28th, just before the current buyback starrted. There have been three subsequent TVR RNS’s, issued at one month intervals, since the buyback started. The table below shows the various figures.
There was a block-listing RNS issued on May 8th covering 545m new shares. I had added this quantity to the number of shares in issue, giving me a total of 71,111,206,519 for May 31st, which was 154m higher than the TVR RNS. (The 130m I mentioned in my last post was wrong, since I found I had double counted one of the buyback values).
I think I will modify my spreadsheet to ignore the block-listing shares, and only make adjustments when a TVR RNS is issued. The discrepancy between the TVR figure and my calculation figure will then be the number of bonus shares that have actually been allocated in the intervening period.
This adjustment has no effect on the charts I have posted since these are based solely on the number of buyback shares.
The 2018 buyback started in March 2018. The 2018 buyback took out 1,576,889,674 shares, and the 2019 buyback had taken out 825,283,759 shares by 31st May, a grand total of 2,402,173,433 shares. However the number of shares in issue had only decreased by 1,129,449,082 shares, showing that 1,272,724,351 bonus shares must have been issued during the intervening time (1 year 2.75 months), i.e. 53% of the £1,511,882,576 spent on the buybacks (£801,028,662) had actually been spent on the bonus shares.