National Grid 2014 Annual Report Download - page 130

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24. Share capital
Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury
shares the Company holds, which are shares that the Company has bought itself, predominantly to satisfy employee share option
plan liabilities.
Share capital is accounted for as an equity instrument. An equity instrument is any contract that includes a residual interest in the
consolidated assets of the Company after deducting all its liabilities and is recorded at the proceeds received, net of direct issue costs,
with an amount equal to the nominal amount of the shares issued included in the share capital account and the balance recorded in
the share premium account.
Allotted, called up
and fully paid
millions £m
At 1 April 2012 3,701 422
Issued during the year in lieu of dividends194 11
At 31 March 2013 3,795 433
Issued during the year in lieu of dividends159 6
At 31 March 2014 3,854 439
1. The issue of shares in lieu of dividends is considered to be a bonus issue under the terms of the Companies Act 2006 and the nominal value of the shares is charged to the share
premiumaccount.
The share capital of the Company consists of ordinary shares of 1117⁄43 pence nominal value each including ADSs. The ordinary and
ADSs allow holders to receive dividends and vote at general meetings of the Company. The Company holds treasury shares but may
notexercise any rights over these shares including the entitlement to vote or receive dividends. There are no restrictions on the transfer
or sale of ordinary shares.
In line with the provisions of the Companies Act 2006, the Company has amended its Articles of Association and ceased to have
authorised share capital.
Treasury shares
At 31 March 2014, the Company held 124m (2013: 129m) of its own shares. The market value of these shares as at 31 March 2014 was
£1,019m (2013: £989m).
The maximum number of shares held during the year was 129m ordinary shares (2013: 135m) representing approximately 3.4% (2013:
3.6%) of the ordinary shares in issue as at 31 March 2014 and having a nominal value of £15m (2013: £15m).
Notes to the consolidated
financial statements continued
128 National Grid Annual Report and Accounts 2013/14