| Authorised | Allotted, issued and fully paid | |||
|---|---|---|---|---|
| Number of shares |
Nominal value £ |
Number of shares |
Share capital $ million |
|
| Deferred shares of £1 each | ||||
| As at 3 January 2009 | 50,000 | 50,000 | 50,000 | 0.1 |
| Cancellation of deferred shares | (50,000) | (50,000) | (50,000) | (0.1) |
| As at 2 January 2010 | – | – | – | – |
When the Company redenominated its ordinary shares from sterling to US dollars in 2008, it was required by law to have a minimum share capital of £50,000 denominated in sterling. The deferred shares were issued to meet this requirement, which was removed on the implementation of section 542 of the Companies Act 2006 on 1 October 2009. Accordingly, the Company bought back and cancelled the deferred shares on 16 December 2009 and transferred the nominal amount of the shares to the capital redemption reserve in accordance with the applicable capital maintenance rules.