Marks and Spencer 2006 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2006 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

78 Marks and Spencer Group plc
Notes to the financial statements continued
21 BORROWINGS AND OTHER FINANCIAL LIABILITIES continued
Non-equity B shares
2006 2005
Shares £m Shares £m
Authorised non-equity B shares of 70p each 3,200,000,000 2,240.0 3,200,000,000 2,240.0
Allotted, called up and fully paid non-equity shares of 70p each:
At start of year 93,822,916 65.7 121,244,763 84.9
Redemption of B shares (15,638,602) (11.0) (27,421,847) (19.2)
78,184,314 54.7 93,822,916 65.7
On 27 March 2006, Marks and Spencer Group plc gave notice to redeem all of the B shares in issue. The redemption was on
the basis of 70p per share. The decision by the Company to redeem all outstanding B shares was consistent with the rights
and restrictions attached to the B shares contained in the circular sent to shareholders in February 2002 prior to approval at the
Extraordinary General Meeting of the Company on 28 February 2002. Prior to redemption, holders of B shares were entitled to
receive a sub-LIBOR dividend in respect of their B shares for the period 26 March to 4 May 2006. The B shares were redeemed at
par on 5 May 2006.
Maturity of borrowings
The maturity of borrowings is as follows:
2006 2005
£m £m
Repayable within one year or on demand:
Bank loans, overdrafts and commercial paper 90.0 212.9
Syndicated bank facility –200.0
Medium term notes 901.0 58.3
Securitised loan notes 4.4 3.2
Finance leases 2.7 4.4
Non-equity B shares 54.7 65.7
1,052.8 544.5
Repayable between one and two years:
Medium term notes –820.7
Securitised loan notes 3.8 3.5
Finance leases 1.3 2.2
5.1 826.4
Repayable between two and five years:
Securitised loan notes 13.6 12.5
Finance leases 0.3 0.7
13.9 13.2
Repayable in five years or more:
Medium term notes 779.0 767.9
Securitised loan notes 289.9 294.4
Finance leases 45.9 46.6
1,114.8 1,108.9
2,186.6 2,493.0