Notes to the accounts
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24 Share capital and share premium
| Company and Group | ||
|---|---|---|
|
2007 £m |
2006 £m |
|
| Authorised | ||
| 500,000,000 ordinary shares of 50p each | 250.0 | 250.0 |
| Share capital £m |
Share premium £m |
|
|---|---|---|
| At 31 December 2005 – 337,772,673 ordinary shares of 50p each | 168.9 | 653.5 |
| Shares issued | 12.5 | 322.1 |
| At 31 December 2007 and 2006 – 362,772,673 ordinary shares of 50p each | 181.4 | 975.6 |
During 2006, the company issued 25 million shares at £13.50 with a nominal value of £12.5 million, raising £334.6 million after costs.
Full details of the rights and obligations attaching to the ordinary shares are contained in the company’s Articles of Association. These rights include an entitlement to receive the company’s report and accounts, to attend and speak at General Meetings of the Company, to appoint proxies and to exercise voting rights. Holders of ordinary shares may also receive dividends and may receive a share of the company’s assets on the company’s liquidation. There are no restrictions on the transfer of the ordinary shares.
At 19 February 2008, the company had an unexpired authority to repurchase shares up to a maximum of 35,577,267 shares with a nominal value of £17.8 million, and the Directors had an unexpired authority to allot up to a maximum of 82,227,766 shares with a nominal value of £41.1 million.
Included within the issued share capital as at 31 December 2007 are 570,180 ordinary shares (2006 – 1,106,525) held by the Trustee of the Employee Share Ownership Plan (“ESOP”) which is operated by the company (note 25). The nominal value of these shares is £0.3 million (2006 – £0.6 million).