BT 2002 Annual Report Download - page 128

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i
At 30 March 2001, on incorporation, the authorised share capital of the company of £100 was divided into 100 ordinary shares of £1 each of which two
ordinary shares were allotted, called up and fully paid on incorporation. On 10 September 2001, a further £44 of ordinary shares of £1 each were allotted,
called up and fully paid, and the authorised share capital was increased to £23,000 million by the creation of 22,999,999,900 further ordinary shares of
£1 each and one redeemable preference share of £50,025. The redeemable preference share carried no right to vote and carried the right to receive dividends
at a cumulative ®xed rate of 0.04% of its nominal value per annum but no other rights to participate in the pro®ts of the company. By ordinary resolution of the
shareholders dated 10 September 2001, the 23,000,000,000 ordinary shares of £1 each were consolidated and subdivided into 20,000,000,000 ordinary
shares of 115 pence each. On 10 September 2001, by ordinary resolution of the shareholders, the allotted, issued and fully paid ordinary shares were
consolidated and subdivided into 40 ordinary shares of 115 pence each.
On 19 November 2001, £9,971 million of further ordinary shares representing 8,670,033,916 shares of 115 pence each were allotted, issued and fully paid.
On 20 November 2001, the authorised share capital was by virtue of a Special Resolution and with the sanction of an Order of the High Court of Justice
reduced from £23,000 million divided into 20,000,000,000 ordinary shares of 115 pence each and one redeemable preference share of £50,025 to £13,463
million divided into 8,670,033,956 ordinary shares of 5 pence each, 11,329,966,044 ordinary shares of 115 pence each and one redeemable preference share
of £50,025. The Special Resolution also subdivided each unissued ordinary share of 115 pence each into 23 ordinary shares of 5 pence each. On
20 November 2001 the authorised share capital of the company was accordingly £13,463 million divided into 269,259,252,968 ordinary shares of 5 pence
each and one redeemable preference share of £50,025 of which 8,670,033,956 of the ordinary shares and the redeemable preference share were issued.
This capital reduction reduced share capital by £9,537 million resulting in share capital of £434 million representing 8,670,033,956 ordinary shares of 5 pence
each.
On 23 November 2001, the redeemable preference share was redeemed and, in accordance with the articles of association of the company, automatically
converted into authorised ordinary share capital of 1,000,500 ordinary shares of 5 pence each.
The authorised ordinary share capital of the company at 31 March 2002 was £13,463 million representing 269,260,253,468 ordinary shares of 5 pence each.
The allotted, called up and fully paid ordinary share capital of the company at 31 March 2002 was £434 million, representing 8,670,692,996 ordinary shares of
5 pence each.
Of the authorised but unissued share capital at 31 March 2002, 25 million ordinary shares were reserved to meet options granted under employee share
option schemes described in note 34.
Ordinary shares allotted during the year were as follows:
Number
Nominal value
£m
Consideration
£m
Acquisition of BTGI
j
8,670,033,956 434 9,971
Other share option schemes 659,040 ± 2
Totals for the year ended 31 March 2002 8,670,692,996 434 9,973
j
Re¯ects nominal value of 5 pence per share following capital reduction from 115 pence per share.
Notes to the financial statements
BT Group Annual Report and Form 20-F 2002 127