Note 14: Share Capital
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GROUP & PARENT
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GROUP & PARENT
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2014
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2013
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2014
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2013
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000’s of Shares
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$000
|
$000
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|
|
|
|
|
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Authorised and issued ordinary shares at beginning of year
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|
314,015
|
314,016
|
166,108
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166,078
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Own shares repurchased
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|
(1,078)
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(37)
|
(7,423)
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(260)
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|
Issue of shares to management
|
|
7
|
-
|
51
|
-
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|
Purchase of treasury shares by Directors
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|
43
|
36
|
298
|
290
|
|
|
312,987
|
314,015
|
159,034
|
166,108
|
|
|
|
|
|
|
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 2014, since the start of the buyback programme, 2,871,000 shares had been purchased at a total cost of $20,135,000 (2013: 1,793,000 shares at a total cost of $12,712,000). All shares repurchased were purchased through the NZX stock exchange at market price. As at 31 March 2014 105,000 of these shares had been reissued or cancelled (2013: 56,000).