Barclays 2003 Annual Report Download - page 152

Notes to the Accounts
For the Year Ended 31st December 2003
34 Dated loan capital (continued)
Repayment terms
Unless otherwise indicated, the Group’s dated loan capital outstanding at 31st December 2003 is redeemable only on maturity subject, in particular
cases, to provisions allowing an early redemption in the event of certain changes in tax law or, in the case of BBB and Barclays Zambia, to certain
changes in legislation or regulations.
Any repayments prior to maturity require in the case of the Bank, the prior approval of the Financial Services Authority, in the case of BBB, the prior
approval of the Bank of Botswana and in the case of Barclays Zambia, the prior approval of the Bank of Zambia.
There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of maturity.
35 Called up share capital
The authorised share capital of Barclays PLC is £2,500m (2002: £2,500m), comprising 9,996m (2002: 9,996m) ordinary shares of 25p each and
1m (2002: 1m) staff shares of £1 each.
2003 2002
£m £m
Called up share capital, allotted and fully paid
Ordinary shares:
At beginning of year 1,644 1,667
Issued to staff under the SAYE Share Option Scheme 77
Issued under Incentive Share Option Plan 1–
Issued under Woolwich Executive Share Option Plan 1–
Repurchase of shares (12) (30)
At end of year 1,641 1,644
Staff shares 11
1,642 1,645
In 2003, the Company repurchased ordinary shares with a nominal value of £12m at a total cost of £204m. In 2002, ordinary shares with a nominal
value of £30m were repurchased at a total cost of £546m.
36 Shares under option
The Group has three current schemes that give employees rights to subscribe for shares in Group companies. A summary of the key terms of the
Incentive Share Option Plan (ISOP) and Sharesave (SAYE) are described on pages 24 and 25.
The other current scheme is the BGI Equity Ownership Plan (EOP) which provides for options to be granted to certain management personnel
for shares in BGI UK Holdings Ltd, a subsidiary of Barclays Bank PLC. Under the terms of the Plan, options are normally exercisable upon vesting.
One-third of the options will generally vest at each anniversary of the grant date over three years. If unexercised, the options will lapse 10 years
after the grant.
At 31st December 2003, 13.5m (2002: 17.8m) options were outstanding under the terms of the BGI EOP (which would represent a 13.81% interest
if exercised), enabling certain management personnel to subscribe for shares in BGI UK Holdings Limited between 2004 and 2013 at prices between
£6.11 and £10.92. One year following the exercise of the option, the shareholder has the right to sell the shares. Barclays Bank PLC has first refusal to
purchase the shares at the most recent agreed valuation. As at 31st December 2003, the most recently agreed valuation was £15.16 (2002: £11.09).
If all the current options were exercised, £128.7m (2002: £158.7m) would be subscribed. At the most recently agreed valuation these shares would
be valued at £205.0m, resulting in a gain of £76.3m to the option holders if these shares were sold at this price. Since the scheme was introduced,
options over 4.9m (2002: 0.8m) shares have been exercised, of which 4.4m have not been purchased by Barclays Bank PLC and represent a minority
interest in Barclays Global Investors Holdings Limited and the Group.
At 31st December 2003, 106m (2002: 127m) options were outstanding under the terms of the SAYE Share Option Scheme, 0.6m (2002: 3.8m)
options were outstanding under the terms of the Woolwich SAYE Scheme, 5.9m (2002: 8.2m) options were outstanding under the terms of the
Executive Share Option Scheme, 4.4m (2002: 8.8m) options were outstanding under the terms of the Woolwich ESOP and 98.9m (2002: 77.6m)
options were outstanding under the terms of the Incentive Share Option Plan, enabling certain Directors and members of staff to subscribe for
ordinary shares between 2004 and 2013 at prices ranging from 137p to 562p.
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