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Note 13: Share Capital

GROUP & PARENT GROUP & PARENT
2013 2012 2013 2012
000's of Share $000 $000
Authorised and issued ordinary shares at beginning of year 314,016 314,679 166,078 170,750
Own shares repurchased (37) (683) (260) (4,818)
Purchase of treasury shares by Directors 36 20 290 146
314,015 314,016 166,108 166,078
           
All shares rank equally with one vote attached to each share, have no par value and are fully paid.On 15 May 2008, the Company announced a resolution allowing it to buy back up to 5,000,000 of its own shares. Shareholders approved an extension to the share buyback programme in July 2011. As at 31 March 2013, since the start of the buyback programme, 1,793,000 shares had been purchased at a total cost of $12,712,000 (2012: 1,756,000 shares at a total cost of $12,452,000). All shares repurchased were purchased through the NZX stock exchange at market price. As at 31 March 2013 56,000 of these shares had been reissued or cancelled (2012: 20,000).