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Annual Report & Accounts 2009 - Notes to the Financial Statements
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73 4. CAPITAL AND RESERVES The authorised share capital of the company is: 40,000,000 ordinary shares of c1.24 each and 30,000 redeemable shares of c1.24 each The authorised and not yet issued share capital of the company is 8,864,238 Capital fluctuations during the period are illustrated in the table below: Number of ordinary Share value Total Value shares issued EUR EUR At December 31, 2008 31,135,762 1.24 38,608,344.88 ------------ -------------- At December 31, 2009 31,135,762 1.24 38,608,344.88 ------------ -------------- The company has not issued any redeemable shares since incorporation. On admission to the AIM market, a share premium of EUR 78,953,651 was recorded. At the AGM held on 20 May 2008 in Luxembourg shareholders agreed to write down the share premium reserve by an equal amount to the historic retained losses. 4.1. Interim Dividends Based on the interim balance sheet of the Company as at September 28, 2009, the Board of Directors paid an interim dividend of an aggregate net amount of EUR 6,227,152 on November 6, 2009 (2008: EUR 6,227,152). 5. SHARE PREMIUM ACCOUNT The movements in the Share Premium account are shown below: Year ended Year ended In EUR 31 Dec 31 Dec 2009 2008 Balance at start of year 15,812,333 53,957,115 Transfer from Profit and Loss - (38,144,782) Dividend paid (5,083,944) - ----------- ----------- Balance at end of year 10,728,389 15,812,333 ----------- ----------- 6. LEGAL RESERVE Under Luxembourg corporate law, the Company must appropriate annually at least 5% of its statutory net profits to a Legal reserve until the aggregate reserve equals 10% of the subscribed share capital. Such reserve is not available for distribution. The movements in the Legal reserve are shown below: Year ended Year ended In EUR 31 Dec 31 Dec 2009 2008 Balance at start of year 992,921 322,279 Transfer from Profit and Loss account 372,761 670,642 ----------- ----------- Balance at end of year 1,365,682 992,921 ----------- -----------