Notes to the Financial Statements
6. Capital structure and capital risk management
6.1 Issued capital
No. of ordinary shares
Issued capital $’000
Treasury shares
Total share capital
2024
$’000 (2,407)
$’000
Balance at the beginning of the financial year Shares issued during the year (ESP exercised)
642,905,216 469,250
466,843
2,000,000
—
— —
—
Dividend paid
—
195
195
Transfer from share based payment reserve and cancellation of forfeited ESP shares 1
—
2,932
—
2,932
Shares released
—
—
90
90
644,905,216 472,377
(2,317)
470,060
Balance at the end of the financial year 2023 Balance at the beginning of the financial year Transfer from share based payment reserve and cancellation of forfeited ESP shares 1
642,905,216 469,062
(2,407)
466,655
—
188
—
188
642,905,216 469,250 (2,407)
466,843
Balance at the end of the financial year
Company
2024 2023 No. of Shares No. of Shares
Executive share plan Balance at the beginning of the financial year Shares forfeited during the year 2 Shares exercised during the year Balance at the end of the financial year
16,633,432 18,133,432 (8,523,505) (1,500,000)
(2,000,000)
—
6,109,927 16,633,432
1 ESP reserve of the forfeited and cancelled shares were transferred to share capital. 2 At 30 June 2023, 1.5 million forfeited ESP shares were in the process of being bought back and cancelled.
In accordance with AASB 2, Share-Based Payments the shares issued under the Executive Share Plan are treated as options and are accounted for as set out in section 7.2. The Company does not have a limited amount of authorised capital and issued shares do not have a par value. Fully paid ordinary shares carry one vote per share and carry the rights to dividends. Treasury shares held in trust To satisfy obligations under the Group’s share-based remuneration plans, shares have been bought on market and are held in a Trust controlled by ClearView. The shares are measured at cost and are presented as a deduction from Group equity. No gain or loss is recognised in profit or loss on the sale, cancellation or reissue of the shares. The shares are derecognised as treasury shares held in trust when the shares vest or are released to the participant. The total number of treasury shares held is 2,603,327 (30 June 2023: 2,783,324) with a value of $2,316,598 (30 June 2023: $2,406,598) at an average price per share of $0.89 (30 June 2023: $0.86).
Share issue due to ESP exercise and ESP forfeiture
In FY24, following the departure of employees (former Executives), 8.5 million (FY23: 1.5 million) ESP shares that were not exercised have been forfeited.
152
ClearView Annual Report 2024
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