Notes to the Company financial statements For the year ended 30 June 2024
48. Share capital and share premium account
Employee Benefit Trust The Company established an Employee Benefit Trust (“EBT”) on 3 December 2010 to acquire ordinary shares in the Company to satisfy awards under the Group’s Long-Term Incentive Scheme; see Note 30(c) to the Consolidated financial statements. All finance costs and administration expenses connected with the EBT are charged to the Statement of comprehensive income as they accrue. The EBT has waived its rights to dividends. During the year, the EBT received instructions to exercise 254,613 (FY23: 168,668) options. The cost of the shares released on exercise of these options amounted to £4,986,000 (FY23: £3,388,000). At 30 June 2024, the number of shares held by the EBT was 421,938 (FY23: 552,633) with a market value of £8,228,000 (FY23: £11,633,000) acquired for a total consideration of £19,100,000 (FY23: £16,950,000). These shares are presented as treasury shares in the Company financial statements and the cost is deducted from retained earnings within shareholders’ equity. The Company has made annual awards under the LTIP to Executive Directors and other senior executives. The conditional awards, which vest three years after the grant date, are subject to the satisfaction of specified performance criteria, measured over a three-year performance period. All such conditional awards are made at the discretion of the Remuneration Committee.
The movements in share capital and share premium during the year were as follows:
Share premium account £’000
Share capital £’000
Number of shares 16,205,542
Total £’000 79,303
At 1 July 2022
162
79,141
Shares issued: on exercise of options to Sharesave Scheme of consideration for the acquisition of Integrity
1,866
–
30
30
140,171
1
1,660
1,661
52,084
1
999
1,000
At 30 June 2023
16,399,663
164
81,830
81,994
Shares issued: on exercise of options to Sharesave Scheme of consideration for the acquisition of Integrity
8,554
–
135 545
135 546
35,488
1
28,748
–
625
625
At 30 June 2024
16,472,453
165
83,135
83,300
The total number of ordinary shares, issued and fully paid at 30 June 2024, was 16,472,453 (FY23: 16,399,663) with a par value of 1p per share. Excluding 421,938 (FY23: 552,633) treasury shares held by the Employee Benefit Trust, the Company had 16,050,515 (FY23: 15,847,030) ordinary 1p shares in issue as at 30 June 2024. Details of the shares issued are given in Note 28 of the Consolidated financial statements.
170 Brooks Macdonald Group plc Annual Report and Accounts 2024
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