Notes 21-32

21. Share capital and reserves

2015201520142014
No. of Shares€’000No. of Shares€’000
Issued share capital
“A” shares of €1 each13,3351313,33513
“B” shares of €1 each3,42943,4294
“C” shares of €1 each267-267-
“D” shares of €1 each143-143-
Bonus shares of €1 each1,634,8631,6351,589,8431,590
Deferred ordinary shares of €1 each17,916,96117,91717,916,96117,917
19,56919,524
20152014
The number of issued and fully paid ordinary shares was as follows:No. of sharesNo. of shares
’000’000
At beginning of period19,52419,523
Issue/redemption of shares451
At end of period19,56919,524

The shareholding of the Parent Society is subdivided into a number of classes of shares.

The main classes of shares are A, B, C and D shares as well as bonus and deferred shares of €1 each.

The holders of “A” and “B” shares are entitled to bonus shares and convertible loan stock. They are also entitled to attend and vote at General Meetings of the Society.

Bonus shares rank pari passu with “A” and “B” shares. Bonus shares issued during the period relate to the redemption of loan stock.

The holders of “C” and “D” shares are not entitled to bonus shares or convertible loan stock issued nor are they entitled to vote at General Meetings of the Society.

The holders of deferred shares do not have the right to attend or vote at the General Meetings of the Society.

A description of each of the classifications of reserves within equity are below:

  • Revenue reserves have been created out of profit and represent the amount of profit not paid to shareholders in the form of dividends.
  • Share premium is a capital reserve that is created when shares are issued at a premium (more than their nominal value).
  • Cash flow hedging reserve represents the fair value of cash flow hedges net of taxation which have been deferred in equity.
  • Capital levy account represents the excess of capital levy receipts for which deferred shares have not been issued.
  • Annual bonus fund (note 7)
  • Redeemable loan stock (note 7)