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Annual Report & Accounts 2013 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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7. NON-INTEREST BEARING LOAN continued The facility is repayable in three instalments and these as well as the impact of the discount are shown below: Amount in Euro's Non- Base Current current Currency Total liabilities liabilities £000's €000's €000's €000's Loan balance on initial recognition 6,862 8,020 Revaluation at 31 December exchange rate - 236 6,862 8,256 (i) the first instalment by no later than 31 December 2014; 2,287 2,752 2,752 - (ii) the second instalment by no later than 31 December 2015; and 2,287 2,752 - 2,752 (iii) by no later than 30 June 2016, the balance of the facility 2,288 2,752 - 2,752 Loan balance before discount 6,862 8,256 2,752 5,504 Discount on recognition of the loan - (780) (424) (356) Unwinding of discount at 31 December 2013 - 186 186 - Loan balance at 31 December 2013 - 7,662 2,514 5,148 Future discount - 594 238 356 6,862 8,256 2,752 5,504 8. CALLED UP EQUITY SHARE CAPITAL On 21 May 2010 shareholders of Gaming VC Holdings S.A., approved a redomiciliation to Luxembourg which resulted, pari passu, in shareholders holding 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, which is distributable. 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 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 receive dividends. ANNUAL REPORT 2013 72 NOTES TO THE COMPANY FINANCIAL STATEMENTS continued for the year ended 31 December 2013