Notes to the annual financial statements
for the year ended 28 February 2010
| GROUP AND COMPANY | |||||
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| 2010 Rm |
2009 Rm |
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| 19. | Share capital and share premium | ||||
| 19.1 | Share capital | ||||
| Authorised | |||||
| 800 000 000 ordinary shares of 1.25 cents each | 10.0 | 10.0 | |||
| Issued | |||||
| The movement in issued share capital during the year is as follows: | |||||
| At 1 March: 506 133 882 ordinary shares of 1.25 cents each | 6.3 | 6.3 | |||
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(0.3) | — | |||
| At 28 February: 480 397 321 ordinary shares of 1.25 cents each | 6.0 | 6.3 | |||
| Number of shares 000's |
Number of shares 000's |
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| The number of shares in issue at 28 February is made up as follows: | |||||
| Treasury shares held by the share trust (note 20.2) | 6 780.5 | 7 614.6 | |||
| Treasury shares held by a subsidiary company (note 20.2) | — | 25 736.6 | |||
| 6 780.5 | 33 351.2 | ||||
| Shares held outside the Group | 473 616.8 | 472 782.7 | |||
| Total shares in issue at 28 February | 480 397.3 | 506 133.9 | |||
| 92.6 million of the unissued shares remain under the control of the directors until the next annual general meeting. | |||||
| The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. | |||||
| Refer to note 4.1 for details of share options granted by the Group. For directors’ interests in shares, refer to note 3.3. | |||||
| 19.2 | Share premium | ||||
| The movement in the share premium during the year is as follows: | |||||
| At 1 March | 121.7 | 121.7 | |||
| Share cancellation (note 19.3) | (121.7) | — | |||
| At 28 February | — | 121.7 | |||
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| 19.3 | Share repurchase and cancellation | ||||
| On 25 February 2010, the Company repurchased 25 736 561 ordinary shares from a subsidiary company for a total consideration of R1 037.1 million. In accordance with section 85 of the Companies Act these shares were cancelled. The cancellation was accounted for by a reduction in the nominal value of shares in issue (R0.3 million), utilisation of the share premium account (R121.7 million), and a reduction of the Company’s total equity. As these shares were treasury shares already held by the Group, the only effect the transaction had on Group equity was a Securities Transfer Tax charge of R2.7 million. | |||||