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Annual Report & Accounts 2013 - NOTES
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18. COMMITMENTS UNDER OPERATING AND FINANCE LEASES continued 18.2 Operating Leases The Group leases various offices under non-cancellable operating leases. The leases have varying terms, escalation clauses and renewal rights. The future minimum lease payments under non-cancellable leases are as follows: 2013 2012 €000's €000's No later than one year 2,030 192 Later than one year and no later than five years 1,440 234 3,470 426 19. SHARE CAPITAL AND RESERVES 19.1 Share Capital On 21 May 2010 shareholders of Gaming VC Holdings S.A., approved a redomiciliation to The Isle of Man which resulted, pari passu, in shareholders receiving shares with a nominal value of €0.01 in GVC Holdings PLC. As a result of this transaction, GVC Holdings PLC acquired all the assets and liabilities of Gaming VC Holdings S.A. Arising from this transaction was the creation of a Merger Reserve. The various transfers into this reserve are shown in the Consolidated Statement of Changes in Equity, see page 26. The authorised and issued share capital is: 2013 2012 €000's €000's Authorised Ordinary shares of €0.01 each At 31 December - 80,000,000 shares (2012: 40,000,000 shares)* 800 400 Issued, Called Up and Fully Paid At 31 December - 60,906,760 shares (2012: 31,592,172 shares) 609 316 *The authorised share capital was increase as part of the Group's acquisition of Sportingbet PLC The issued share capital history is shown below: 2004 to 2010 2011 2012 2013 Balance at 1 January - 31,135,762 31,469,095 31,592,172 Shares issued on initial listing in 2004 31,135,762 - - - Share options exercised - at £1.00 - 233,333 - - - at £1.26 - 100,000 - 165,000 - at £1.29 - - 123,077 31,513 - at €0.01 - - - 100,000 Issue of shares for acquisition - - - 29,018,075 Balance at 31 December 31,135,762 31,469,095 31,592,172 60,906,760 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 (a) vote at general meetings of the Company; and/or (b) to receive dividends. ANNUAL REPORT 2013 52 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2013