Vodafone 2004 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2004 Vodafone 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 142

  • 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
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

Vodafone Group Plc Annual Report 2004
96
Notes to the Consolidated Financial Statements continued
22. Called up share capital
2004 2003
Number £m Number £m
Authorised:
Ordinary shares of US$0.10 each 78,000,000,000 4,875 78,000,000,000 4,875
7% cumulative fixed rate shares of £1 each 50,000 – 50,000 –
78,000,050,000 4,875 78,000,050,000 4,875
Ordinary shares allotted, issued and fully paid:
1 April 68,179,382,971 4,275 68,140,847,520 4,273
During the year 84,550,077 5 38,535,451 2
31 March 68,263,933,048 4,280 68,179,382,971 4,275
Allotted during the year
Nominal
Number value Proceeds
£m £m
UK share option schemes 38,712,947 2 46
US share option scheme awards 45,837,130 3 40
Total for share option scheme awards 84,550,077 5 86
Options
The Company currently uses a number of share plans to grant options and share awards to its directors and employees.
Sharesave Scheme
The Vodafone Group 1998 Sharesave Scheme (the “Sharesave Scheme”) enables UK staff to acquire shares in the Company through monthly savings of up to
£250 over a three or five year period, at the end of which they also receive a tax free bonus. The savings and bonus may then be used to purchase shares at
the option price, which is set at the beginning of the savings contract and usually at a discount of 20% to the then prevailing market price of the Company’s
shares. Invitations to participate in this scheme are normally made annually.
Discretionary share option plans
The Company has two discretionary share option plans, the Vodafone Group 1998 Company Share Option Scheme (which is UK Inland Revenue approved) and
the Vodafone Group 1998 Executive Share Option Scheme (which is unapproved). Options under the discretionary schemes are subject to performance
conditions. Options are normally exercisable between three and ten years from the date of grant.
Long Term Stock Incentive Plan
The Vodafone Group Plc 1999 Long Term Stock Incentive Plan is a discretionary plan under which both share option grants and share awards may be made. For
some grants to US employees, the options have phased vesting over a four year period and are exercisable in respect of American Depositary Shares (“ADSs”).
For all other grants, options are normally exercisable between three and ten years from the date of grant, subject to the satisfaction of predetermined
performance conditions and are exercisable in respect of ordinary shares listed on the London Stock Exchange, or ADSs for US employees.
Share option plans belonging to subsidiaries
Share option schemes are also operated by certain of the Group’s subsidiary and associated undertakings, under which options are only issued to key personnel.
Share Plans
Share Incentive Plan
The Share Incentive Plan enables UK staff to acquire shares in the Company through monthly purchases of up to £125 per month or 5% of salary, whichever is
lower. For each share purchased by the employee, the Company provides a free matching share.
Restricted Share Plans
Under the Vodafone Group Short Term Incentive Plan, introduced in 1998, shares are conditionally awarded to directors based on achievement of one-year
performance targets. Release of the shares is deferred for a further two years and is subject to continued employment. Additional shares are released at this
time if a further performance condition has been satisfied over the two year period.