Barclays 2011 Annual Report Download - page 256

Notes to the financial statements
For the year ended 31 December 2011 continued
33 Subordinated liabilities continued
Dated loan capital
Dated loan capital is issued by the Bank and respective subsidiaries for the development and expansion of their business and to strengthen their
respective capital bases. The principal terms of the dated loan capital are described below:
Subordination
All dated loan capital ranks behind the claims against the bank of depositors and other unsecured unsubordinated creditors but before the claims of the
undated loan capital and the holders of their equity. The dated loan capital issued by subsidiaries, are similarly subordinated.
Interest
Interest on the floating rate Notes are fixed periodically in advance, based on the related interbank or local central bank rates.
All other non-convertible Notes except the 10.125% Subordinated Notes 2017 are generally fixed interest for the life of the issue, but some are reset to a
floating rate after a fixed period, with varying interest rate terms. The 10.125% Subordinated Notes 2017, if not called in 2012, will bear interest at a rate
fixed in advance for a further period of 5 years.
The 5.14% Lower Tier 2 Notes were registered under the US Securities Act of 1933. All other issues of dated loan capital have been made in the Euro
currency market, local markets and/or under Rule 144A.
Repayment
Those Notes with a call date are repayable at the option of the issuer, on conditions governing the respective debt obligations, some in whole or in part,
and some only in whole. The remaining dated loan capital outstanding at 31 December 2011 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 Barclays Botswana and Barclays Zambia, to
certain changes in legislation or regulations.
Any repayments prior to maturity require, in the case of the Bank, the prior notification to the FSA, or in the case of the overseas issues, the approval of
the local regulator for that jurisdiction.
There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of maturity.
The other capital issued by Barclays Spain, Ghana, Kenya, Botswana and Zambia includes amounts of £26m (2010: £26m) issued by Barclays Botswana
and Zambia that are convertible. These are repayable at the option of the issuer, prior to maturity, on conditions governing the respective debt
obligations, some in whole or in part and some only in whole.
34 Ordinary shares, share premium, and other equity
Called up share capital, allotted and fully paid Number of
shares
£m
Ordinary
shares
£m
Share
premium
£m
Total
£m
As at 1 January 2011 12,182 3,045 9,294 12,339
Issued to staff under share incentive plans 17 5 36 41
As at 31 December 2011 12,199 3,050 9,330 12,380
As at 1 January 2010 11,412 2,853 7,951 10,804
Issued to staff under share incentive plans 12 2 33 35
Issue of new ordinary shares 758 190 1,310 1,500
As at 31 December 2010 12,182 3,045 9,294 12,339
Warrants
On 31 October 2008, Barclays PLC issued warrants to subscribe for up to 1,516.9 million new ordinary shares at a price of £1.97775, in conjunction with
a simultaneous issue by Barclays Bank PLC of Reserve Capital Instruments. During the year there were no exercised warrants (2010: 758.4 million). The
exercised warrants in 2010 resulted in credit to share capital of £190m and to the share premium account of £1,310m. As at 31 December 2011 there
were unexercised warrants to subscribe for 379.2 million shares (2010: 379.2 million), which may be exercised at anytime up to close of business on
31 October 2013.
Share repurchase
At the 2011 AGM on 27 April 2011, Barclays PLC was authorised to repurchase 1,218,343,534 of its ordinary shares of 25p. The authorisation is effective
until the AGM in 2012. No share repurchases were made during either 2011 or 2010.
254 Barclays PLC Annual Report 2011 www.barclays.com/annualreport