18. SHARE CAPITAL
Since 20 December 2004 the authorised and issued share capital has been:
Number of Ordinary shares 40,000,000 31,135,762
Par value per share c1.24 c1.24
Aggregate paid up value c49,600,000 c38,608,345
Number of Redeemable shares 30,000 Nil
Par value per share c1.24 -
Aggregate value c37,300 -
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company. However, should the Company not be
satisfied as to the true identity of the shareholders it can suspend the entitlement of those shareholders
to receive dividends.
As Luxembourg shares are not eligible for CREST settlement, economic interests in shares are traded
through depository interests. At 31 March 2009, the true split of shares was:
Held in registered form by Capital IRG Trustees Limited 30,219,369
Held in registered form by other shareholders 916,393
The economic interest in the shares at 31 March 2009 was represented by the following significant
Audley Capital Management Limited 9,109,911 29.3%
Ora (Guernsey) Limited 2,629,885 8.4%
Steve Barlow 1,951,927 6.3%
Capital Research and Management Co 1,491,800 4.8%
M&G Investment Management 1,400,000 4.5%
18.1 Share premium
As permitted by Luxembourg company law, c5,084k of the total of c12,454k of the dividend paid
during 2009 was debited to the Share Premium account and the balance was charged to retained
earnings as more fully shown in the Consolidated Statement of Changes in Equity on page 18.
At the 2008 Annual General Meeting, shareholders approved the transfer from Share Premium to
retained earnings of c38,145k.
18.2 Capital management policies and procedures
The Group's capital management objectives are to ensure its ability to continue as a going concern
and to provide an adequate return to shareholders and benefits to other stakeholders by pricing
services commensurately with the level of risk, and maintaining an optimal capital structure to reduce
the cost of capital.
In order to maintain or adjust the capital structure, the company may issue new shares, return capital
to shareholders, limit the amount of dividends paid, or sell assets.
Total equity employed at 31 December 2009 was c78.3 million (2008: c76.6 million).