Experian 2007 Annual Report Download - page 129

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Experian Annual Report2007 |127
2007
H. Debtors – due within one year £m
Amounts owed by subsidiary undertakings 0.1
Taxation recoverable 1.6
1.7
2007
I. Creditors – amounts due within one year £m
Amounts owed to subsidiary undertakings 88.7
Accruals 0.3
Other creditors 0.4
Overdraft 0.7
90.1
At 31 March 2007, the Company had undrawn committed borrowing facilities of £1,250m, all of which expires more than two years after the
balance sheet date.
J. Share capital and share premium
Number of ShareShare
Ordinary shares capital premium
of US 10 cents
m £m £m
At 30 June 2006 on incorporation –––
Issued on demerger of Home Retail Group 877.4 46.9 8,628.7
Capital reduction on 6 October 2006 – – (8,628.7)
Issued by way of Global Offer 142.9 7.7 792.3
Global offer issuance costs – – (22.8)
Allotted under share option schemes 2.0 0.1 4.3
At 31 March 2007 1,022.3 54.7 773.8
Authorised and issued share capital
On incorporation, the authorised share capital of the Company was US$10,000 divided into 10,000 Ordinary shares of US$1 each. Of such Ordinary
shares, two were issued and were paid up in full at a cost of US$2 each. On 13 September 2006 the shareholders passed special resolutions under
which each Ordinary share of US$1 each was sub-divided into 10 Ordinary shares of 10 US cents each and the authorised share capital of the
Company was increased from US$10,000 to US$200m by the creation of 1,999,900,000 additional Ordinary shares of 10 US cents each. The 20
Ordinaryshares of 10 US cents then in issue wereconverted in to Deferred shares of 10 US cents each.
On 10 October 2006, the Company issued 877,444,999 Ordinary shares of 10 US cents each in connection with the demerger and on 11 October
2006 the Company issued a further 142,857,143 Ordinary shares of 10 US cents each by way of a Global Offer. Subsequent to 11 October 2006, a
further 1,979,664 Ordinary shares were allotted on the exercise of share options. At 31 March 2007, 1,022,281,806 Ordinary shares of 10 US cents
each and 20 Deferred shares of 10 US cents each had been allotted, called up and fully paid.
Share premium
As a result of the issue of 877,444,999 Ordinary shares of 10 US cents, referred to above, share premium of £8,628.7m arose, being the excess of
the fair value of the net assets of £8,675.6m acquired over the nominal value of £46.9m of the shares issued.
On 10 October 2006, following the approval of the Jersey Court under Article 63 of Companies (Jersey) Law 1991, the Company reduced its share
capital. This gave rise to a reduction of £8,628.7m in the sharepremium account and a corresponding increase in the profit and loss account
reserve.
As a result of the Company issuing 142,857,143 Ordinary shares of 10 cents each, by way of Global Offer, at a price of £5.60 per share, additional
share premium of £792.3m was created being the excess of the proceeds of the shares issued over their nominal value. Related issue costs of
£22.8m have been charged against the share premium account. Similarly, additional share premium of £4.3m was created in the period when
shares were allotted under share option schemes. The share premium account is not available for distribution.