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Annual Report & Accounts 2016 - Notes
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96 Financial statements continued GVC Holdings PLC Annual Report 2016 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2016 22. SHARE CAPITAL At an Extraordinary General Meeting on 18 December 2015, the authorised share capital of the Company was increased to 350,000,000 ordinary shares. On 1 February 2016, the Group acquired 100% of the share capital of bwin.party digital entertainment plc ("bwin.party"), an online gaming company traded on the Main Market of the London Stock Exchange and listed on the Official List (Premium Segment), for total consideration of €1,506.6m as set out in note 28. Under the terms of the Acquisition, each bwin.party shareholder received 25p plus 0.231 new GVC shares for each bwin.party share. The total bwin.party shareholding was 843.5m shares; accordingly, the Group issued 194.8m new shares to bwin.party shareholders. Post the Acquisition, additional shares have been issued to bwin.party option-holders who had not exercised their options before the date of the Acquisition but do so subsequently and the value of these has been included in the total consideration. On the same date as the acquisition of bwin.party, the Group issued additional shares at a price of 422p. The additional share capital consisted of 28.0m Placing shares, including the subscription by Directors of shares under the terms of the LTIP, and 7.6m Subscription shares. The cash consideration for these shares was £150.0m, less costs incurred of £4.9m (€6.4m), which have been treated as a deduction from share premium. The authorised and issued share capital is: 2016 €m 2015 €m AUTHORISED Ordinary shares of €0.01 each At 31 December - 350,000,000 shares (2015: 350,000,000 shares) 3.5 3.5 ISSUED, CALLED UP AND FULLY PAID At 31 December - 293,268,229 shares (2015: 61,276,480 shares) 2.9 0.6 The issued share capital history is shown below: 2016 2015 Balance at 1 January 61,276,480 61,276,480 Issue of shares at acquisition 194,841,498 - Issue of shares via placing 27,978,812 - Issue of shares via subscription 7,566,212 - Other share issues 1,605,227 - Balance at 31 December 293,268,229 61,276,480 23. DIVIDENDS The dividend history for 2015 is shown below. Date declared Per share €c Per share £p Shares in issue Amount € Amount £ 12 January 2015 12.50 9.6000 61,276,480 7,659,560 5,882,542 23 March 2015 14.00 10.2900 61,276,480 8,578,707 6,305,350 23 March 2015 (special) 1.50 1.1000 61,276,480 919,147 674,041 8 July 2015 14.00 9.7575 61,276,480 8,578,707 5,979,053 8 October 2015 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 did not pay any dividends in 2016.