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Annual Report & Accounts 2015 - NOTES
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18. share capital and reserVes continued 18.2 reserves share share merger translation Retained Capital Premium Reserve Reserve earnings total €000's €000's €000's €000's €000's €000's at 1 January 2015 613 85,380 40,407 359 22,699 149,458 Result for the year - - - - 24,659 24,659 dividends paid - - - - (34,319) (34,319) share option charge - - - - 509 509 share options surrendered - - - - (12,183) (12,183) at 31 december 2015 613 85,380 40,407 359 1,365 128,124 the 'merger reserve' arose on the re-domiciliation of the Group from luxembourg to the isle of man. it consists of the pre-redomiciliation reserves of the luxembourg company plus the difference in the issued share capital (31,135,762 share at €0.01 versus 31,135,762 shares at €1.24). Capital comprises total equity. 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. the Group's objective is to pay around 75% of its net operating cashflows to shareholders by way of dividends (see note 19). 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 2015 was €128.1 million (2014: €149.5 million). 19. diVidends the dividend history for 2014 and 2015 is shown below: shares date declared per share €c per share £p in issue amount € amount £ 09-Jan-14 11.50 9.5000 60,906,760 7,004,277 5,786,142 09-apr-14 11.50 9.4340 60,906,760 7,004,277 5,745,944 09-apr-14 (special) 4.50 3.6910 60,906,760 2,740,804 2,248,069 15-Jul-14 12.50 9.8700 61,276,480 7,659,560 6,047,989 22-sep-14 12.50 9.7900 61,276,480 7,659,560 5,998,967 22-sep-14 (special) 2.50 1.9600 61,276,480 1,531,912 1,201,019 total in 2014 55.0 44.2450 33,600,390 27,028,130 12-Jan-15 12.50 9.6000 61,276,480 7,659,560 5,882,542 23-mar-15 14.00 10.2900 61,276,480 8,578,707 6,305,350 23-mar-15 (special) 1.50 1.1000 61,276,480 919,147 674,041 08-Jul-15 14.00 9.7575 61,276,480 8,578,707 5,979,053 08-oct-15 14.00 10.3472 61,276,480 8,578,707 6,340,400 total in 2015 56.0 41.0947 34,314,828 25,181,386 as a result of the acquisition of bwin.party and the combination of debt covenants and the intended restructuring of the Group, the directors have not proposed any further dividends. 20. share option schemes at 31 december 2015, the Group had the following share options schemes for which options remained outstanding at the year end: i. options were granted to third parties on 28 February 2013 as part of the sportingbet PlC acquisition following underwriting commitments made at the time. the awards vested on the grant date and the options have the exercise price reduced by the value of any dividends declared up to the point of exercise. of the 156,947 outstanding at 1 January 2015, none were exercised during the year ended 31 december 2015. these options were fully exercised on 12 February 2016 at a weighted average price of £1.263. 76 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015