Tesco 2008 Annual Report Download - page 89

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Tesco PLC Annual Report and
Financial Statements 2008 87
Note 25 Called up share capital
2008 2007
Ordinary shares of 5p each Ordinary shares of 5p each
Number £m Number £m
Authorised:
At beginning of year 10,858,000,000 543 10,700,000,000 535
Authorised during the year ––158,000,000 8
At end of year 10,858,000,000 543 10,858,000,000 543
Allotted, called up and fully paid:
At beginning of year 7,947,349,558 397 7,894,476,917 395
Scrip dividend election ––75,205,082 3
Share options 65,432,552 3 75,994,892 4
Share buy-back (149,283,327) (7) (98,327,333) (5)
At end of year 7,863,498,783 393 7,947,349,558 397
During the financial year, 65 million (2007 – 151 million) shares of 5p each were issued for aggregate consideration of £138m (2007 – £395m), which
comprised £nil (2007 – £239m) for scrip dividend and £138m (2007 – £156m) for share options.
During the year, the Company purchased and subsequently cancelled 149,283,327 (2007 – 98,327,333) shares of 5p each, representing 2% (2007 – 1%)
of the called up share capital, at an average price of £4.38 (2007 – £3.89) per share. The total consideration, including expenses, was £657m (2007 – £385m).
The excess of the consideration over the nominal value has been charged to retained earnings.
Between 24 February 2008 and 28 April 2008, options over 4,690,928 ordinary shares have been exercised under the terms of the savings-related share
option scheme (1981) and the Irish savings-related share option scheme (2000). Between 24 February 2008 and 28 April 2008, options over 4,048,526
ordinary shares have been exercised under the terms of the executive share option schemes (1994 and 1996) and the discretionary share option plan (2004).
As at 23 February 2008, the Directors were authorised to purchase up to a maximum in aggregate of 793.4 million (2007 – 790.5 million) ordinary shares.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the meetings of
the Company.