HSBC 2002 Annual Report Download - page 251

249
effect repurchase or redemption of its ordinary shares, until after a distribution has been paid in full.
If i) HSBC’ s total capital ratio falls below the regulatory minimum ratio required, or ii) in view of the deteriorating
financial condition of HSBC Holdings, the Directors expect i) to occur in the near term, then the Preferred Securities
will be substituted by Preference Shares of HSBC Holdings having economic terms which are in all material respects
equivalent to those of the Preferred Securities and the guarantee taken together.
35 Called up share capital
Authorised:
The authorised ordinary share capital of HSBC Holdings at 31 December 2002 was US$7,500 million, (2001:
US$7,500 million; 2000: US$5,250 million) divided into 15,000 million (2001: 15,000 million; 2000: 10,500
million) ordinary shares of US$0.50 each, and £301,500 (2001: £301,500; 2000: £301,500) divided into 301,500
non-voting deferred shares of £1 each.
At 31 December 2002, 2001 and 2000, the authorised preference share capital of HSBC Holdings was 10 million
non-cumulative preference shares of £0.01 each, 10 million non-cumulative preference shares of US$0.01 each, and
10 million non-cumulative preference shares of euro 0.01 each.
Number
of US$0.50
Shares US$m
Issued:
At 1 January 2002 .................................................................................................. 9,354,627,521 4,678
Shares issued to QUEST........................................................................................ 6,147,311 3
Shares issued under other option schemes ............................................................. 30,460,369 15
Shares issued in lieu of dividends.......................................................................... 89,585,595 45
At 31 December 2002........................................................................................... 9,480,820,796 4,741
At 1 January 2001 .................................................................................................. 9,268,200,3644,634
Shares issued to QUEST........................................................................................ 3,343,173 2
Shares issued under other option schemes ............................................................. 10,161,789 5
Shares issued in lieu of dividends.......................................................................... 72,922,195 37
At 31 December 2001 ............................................................................................ 9,354,627,521 4,678