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Annual Report & Accounts 2015 - NOTES
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17.2 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: 2015 2014 €000's €000's No later than one year 1,255 1,300 later than one year and no later than five years 574 1,725 1,829 3,025 18. share capital and reserVes 18.1 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. at an extraordinary General meeting on 18 december 2015, the authorised share capital of the Company was increased to 350,000,000 ordinary shares. the authorised and issued share capital is: 2015 2014 €000's €000's authorised ordinary shares of €0.01 each at 31 december - 350,000,000 shares (2014: 80,000,000 shares) 3,500 800 issued, called Up and fully paid at 31 december - 61,276,480 shares (2014: 61,276,480 shares) 613 613 the issued share capital history is shown below: 2004 to 2012 2013 2014 2015 Balance at 1 January - 31,592,172 60,906,760 61,276,480 shares issued on initial listing in 2004 31,135,762 - - - share options exercised by employees - at £1.00 233,333 - 26,667 - - at £1.26 100,000 165,000 - - - at £1.29 123,077 31,513 - - - at £0.01 - 100,000 - - share options exercised by third parties - at £2.36 - - 343,053 - issue of shares for acquisition - 29,018,075 - - Balance at 31 december 31,592,172 60,906,760 61,276,480 61,276,480 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. GVC HOLDINGS PLC ANNUAL REPORT 2015 75 notes to the consolidated financial statements