Notes to the accounts
Table of contents
Previous: Share capital and share premium
Next: Retained earnings
25 Treasury shares and Employee Share Ownership Plan (ESOP)
During the year the company purchased a total of 700,000 shares (0.2% of issued share capital) with a nominal value of £0.4 million for an aggregate consideration of £7.1 million with a view to increasing net asset value per share. These shares are held as treasury shares.
The cost of shares in Liberty International PLC purchased in the market and held by the Trustee of the Employee Share Ownership Plan (ESOP) operated by the company is also accounted for as treasury shares.
The purpose of the ESOP is to acquire and hold shares which will be transferred to employees in the future under the group’s employee incentive arrangements as described in note 37 and the Director’s remuneration report. Dividends of £0.3 million (2006 – £0.6 million) have been waived by agreement.
| Company and Group | ||||
|---|---|---|---|---|
|
2007 Shares Million |
2007 £m |
2006 Shares Million |
2006 £m |
|
| At 1 January | 1.1 | (6.4) | 2.4 | (13.2) |
| Acquired in the year | 0.8 | (7.9) | 0.1 | (1.0) |
| Disposed of on exercise of options | (0.6) | 4.7 | (1.4) | 7.8 |
| At 31 December | 1.3 | (9.6) | 1.1 | (6.4) |