74
McPHERSON’S LIMITED
ANNUAL REPORT 2015
NOTE 24. CONTRIBUTED EQUITY (CONTINUED)
Movements in ordinary share capital
DATE
DETAILS
NUMBER
OF SHARES
PRICE $
$’000
1 July 2013
Opening balance
89,294,198
139,117
12 November 2013
Shares issued - Dividend reinvestment plan for 30 June 2013 final
dividend
1,088,243
1.33
1,447
12 November 2013
Shares issued - Dividend reinvestment plan underwriting arrangement
3,611,940
1.33
4,804
10 April 2014
Shares issued - Dividend reinvestment plan for 31 December 2013
interim dividend
1,440,264
1.19
1,713
Transaction costs associated with share issues
(111)
Tax effect of share issue transaction costs recognised directly in equity
33
30 June 2014
Closing Balance
95,434,645
147,003
10 November 2014
Shares issued - Dividend reinvestment plan for 30 June 2014 final
dividend
1,249,762
1.18
1,475
9 April 2015
Shares issued - Dividend reinvestment plan for 31 December 2014
interim dividend
653,610
1.10
719
Transaction costs associated with share issues
(9)
Tax effect of share issue transaction costs recognised directly in equity
3
30 June 2015
Closing Balance
97,338,017
149,191
Ordinary shares
Ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number
of shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a
poll each share is entitled to one vote.
Ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
Options and performance rights
Information relating to the Group’s employee performance rights plans, including details of performance rights issued and outstanding at the end of
the year, is set out in the Remuneration Report within the Directors’ Report and within Note 26.
Capital risk management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns
for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt.
The Group monitors capital on the basis of its gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as
total borrowings less cash assets. Total capital is calculated as net debt plus total equity.
2015
$’000
2014
1
$’000
Total borrowings (Note 19, 21)
88,475
78,820
Less: Cash assets (Note 10)
(11,283)
(4,120)
Net debt
77,192
74,700
Total equity
98,738
92,765
Total capital
175,930
167,465
Gearing ratio
43.9%
44.6%
1. See Note 1(A) for details regarding the restatement as a result of an error
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS CONTINUED