20. Share capital
Group and Company
Authorised | 2019 | 2019 | 2018 | 2018 |
|---|---|---|---|---|
Number | €m | Number | €m | |
Ordinary shares of par value €0.065 each | 450,000,000 | 29.3 | 450,000,000 | 29.3 |
Redeemable shares of par value €0.00001 each | 4,500,000,000 | 0.0 | 4,500,000,000 | 0.0 |
29.3 | 29.3 |
Allotted, called up and fully paid | 2019 | 2019 | 2018 | 2018 |
|---|---|---|---|---|
Number | €m | Number | €m | |
Ordinary shares | ||||
At beginning of the financial year | 190,264,390 | 12.4 | 189,994,390 | 12.3 |
Share issue | 55,000 | - | 270,000 | 0.1 |
Share buyback | (2,900,000) | (0.2) | - | - |
At end of the financial year | 187,419,390 | 12.2 | 190,264,390 | 12.4 |
There were no redeemable shares in issue at 31 December 2019 or 31 December 2018.
The Company has one class of share unit, an ICG Unit, which at 31 December 2019 comprised one ordinary share and nil redeemable shares. The share unit, nor any share therein, does not carry any right to fixed income.
The number of ICG Units issued during the year was 55,000 (2018: 270,000) and total consideration received amounted to €0.1 million (2018: €0.6 million). These ICG Units were issued under the Group’s and Company’s share option plans.
During the year the Company bought back 2,900,000 ICG Units on the market for prices ranging between €4.20 to €4.50 per ICG Unit. Total consideration paid of €12.9 million which was charged against retained earnings. The nominal value of the shares cancelled of €0.2 million was retained in a capital redemption reserve. The buybacks were conducted in line with the Group’s capital management policy at prices which the directors considered were in the best interests of the remaining shareholders.
Holders of ordinary shares are entitled to such dividends that may be declared from time to time on such shares and are entitled to attend, speak and vote at the Annual General Meeting of the Company. On return of capital on a winding up, the holder of ordinary shares is entitled to participate in a distribution of surplus assets of the Company.
Redeemable shares do not entitle holders to any dividend nor any right to participate in the profit or assets of the Company other than to the repayment of a sum equal to the nominal value of 0.001 cent per share on a winding up of the Company. Redeemable shares do not entitle the holder to attend, speak or vote at the Annual General Meeting.