Notes to the accounts
22. Share capital
| 2008 $m |
2007 $m |
2006 $m |
|
|---|---|---|---|
| Authorised: | |||
| 5,929,874,019 shares of 0.5p each | – | 48.6 | 48.6 |
| 5,929,874,019 shares of 0.9c each | 53.4 | – | – |
| 50,000 deferred shares of £1 each | 0.1 | – | – |
| Allotted, called up and fully paid: | |||
| Nil shares of 0.5p each (2007: 1,713,553,809; 2006: 1,738,843,382) | – | 14.0 | 14.3 |
| 1,705,510,466 shares of 0.9c each | 15.3 | – | – |
| 50,000 deferred shares of £1 each | 0.1 | – | – |
The allotted, called up and fully paid share capital as a percentage of the issued share capital at
2 February 2008 is 100% for 0.9c shares and 100% for £1 deferred shares.
| Number of shares | $m | |
|---|---|---|
| Allotted, called up and fully paid: | ||
| Shares of 0.5p each: | ||
| At 29 January 2005 | 1,735,615,152 | 14.3 |
| Shares issued to QUEST | 31,767 | – |
| Shares issued to 2004 ESOT | 516,820 | – |
| Other share options exercised | 2,679,643 | – |
| At 28 January 2006 | 1,738,843,382 | 14.3 |
| At 28 January 2006 | 1,738,843,382 | 14.3 |
| Shares issued to 2004 ESOT | 3,356,399 | – |
| Share buyback | (30,271,522) | (0.3) |
| Other share options exercised | 1,625,550 | – |
| At 3 February 2007 | 1,713,553,809 | 14.0 |
| At 3 February 2007 | 1,713,553,809 | 14.0 |
| Exchange arising on redenomination of share capital | – | 1.4 |
| Capital reduction on 5 February 2007 | (1,713,553,809) | (15.4) |
| nil | nil | |
| Ordinary shares of 0.9c each: | ||
| Issued on 5 February 2007 | 1,713,553,809 | 15.4 |
| Share buyback | (12,205,000) | (0.1) |
| Shares issued to 2004 ESOT | 3,804,241 | – |
| Other share options exercised | 357,416 | – |
| At 2 February 2008 total allotted, called up and fully paid ordinary share capital | 1,705,510,466 | 15.3 |
| Deferred shares of £1 each on issue and at 2 February 2008 | 50,000 | 0.1 |
| Total share capital | 1,705,560,466 | 15.4 |
On 5 February 2007, the Company redenominated its share capital into US dollars by way of a reduction in capital and subsequent issue and allotment of new US dollar ordinary shares, which had been approved by shareholders on 12 December 2006 and received Court approval on 31 January 2007.
The nominal value of each US dollar denominated ordinary share is 0.9 cent, and shareholders received one new US dollar denominated ordinary share for each sterling ordinary share held. The new shares have the same rights and restrictions as the previously issued ordinary shares and the existing share certificates remain valid.
Additionally, to comply with the Companies Act 1985, £50,000 of share capital is required to be held denominated in pounds sterling to which end 50,000 deferred shares of £1 each were allotted and issued and credited to the Group Company Secretary on 5 February 2007. These shares have limited and deferred rights.
The consideration received in respect of the 4,161,657 shares issued during the year for the exercise of share options was $6.0 million (2007: $6.4 million). During the year, 12,205,000 shares were purchased by the Company for a consideration of $29.0 million.
In the 52 weeks ended 2 February 2008 the trustee of the ESOT subscribed in cash for a total of 3,804,241 shares in order to provide shares to satisfy the exercise of executive share options granted to US employees. In aggregate the subscription monies amounted to $5.4 million at option prices between $0.545 and $2.05. The subscription prices were the market prices on the last business days before the dates on which the respective terms of issue were fixed, and varied between 82p and 126.75p per share.
On various dates during the 52 weeks ended 2 February 2008 a total of 357,416 shares were subscribed for in cash by holders of options. In aggregate the subscription monies amounted to $0.6 million at option prices between 79.6p and 94p per share. The subscription prices were the market prices at the various times at which the options were granted. The market prices on the dates of issue varied between 64.75p and 126.5p per share. Details of options in respect of shares are shown in note 27.
The trustee of the ESOT, Halifax EES Trustees International Limited, held 2,633,908 shares at 3 February 2007. In the 52 weeks ended 2 February 2008 the trustee transferred 913,957 shares to the holders of executive share and LTIP options granted to UK employees. The trustee held 1,719,951 shares at 2 February 2008 and 1,719,951 shares at 8 April 2008.