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ANNUAL REPORT 2010

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Skip Navigation LinksFinancial Report > Notes to the Consolidated Financial Statements > Note 20. Contributed Equity And Reserves

note 20. contributed equity and reserves

(a) Issued and paid up capital

Number of SharesCONSOLIDATED
201020092010
US$M
2009
US$M
Ordinary shares
Issued and fully paid 717,142,802623,692,8021,474.61,111.6

Effective 1 July 1998, the Corporations legislation in place abolished the concepts of authorised capital and par value shares. Accordingly, the Company does not have authorised capital or par value in respect of its issued shares.

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

(b) Movements in ordinary shares on issue

DateNumber of SharesIssue Price
A$
Exchange Rate
US$ : A$
Total
US$M
Balance 30 June 2008613,497,369.001088.4
July 2008Option conversions100,0005.51.040050.5
July 2008Option conversions200,0005.51.040051.1
July 2008Option conversions100,0005.51.040050.5
September 2008Option conversions100,0002.81.166330.2
January 2009Option conversions1,560,0002.81.555812.8
February 2009Fusion acquisition8,135,4332.911.547615.3
Transfer from reserves2.8
Balance 30 June 2009623,692,8021111.6
September 2009Share placement93,4500,004.61.1489374.2
Transaction costs(11.2)
Balance 30 June 2010717,142,8021474.6

(c) Reserves

Consolidation Reserve
US$M
Listed option application reserve
US$M
Share-based payments reserve
US$M
Available-for-sale reserve
US$M
Foreign currency translation reserve
US$M
Convertible bond non-distributable reserve
US$M
Premium on acquisition reserve
US$M
Total
US$M
CONSOLIDATED
At 1 July 20080.117.87.5154.938.914.9234.1
Net unrealised movement on available-for-sale investments---41.4---41.4
Share-based payments--8.1----8.1
Foreign currency translation---(4.6)(241.5)--(246.1)
Transfer of impairment loss to P&L---0.5---0.5
Allotment of 15% interest in Paladin (Africa) Ltd to Government of Malawi(0.2)------(0.2)
Income tax---(12.2)6.3--(5.9)
At 30 June 2009(0.2)0.125.932.6(80.3)38.914.931.9
At 1 July 2009(0.2)0.125.932.6(80.3)38.914.931.9
Net unrealised movement on available-for-sale investments---(37.0)---(37.0)
Share-based payments--12.1----12.1
Foreign currency translation---4.223.5--27.7
Income tax---8.0---8.0
At 30 June 2010(0.2)0.1387.8(56.8)38.914.942.7

Nature and purpose of reserves

Listed option application reserve

This reserve consists of proceeds from the issue of listed options, net of expenses of issue. These listed options expired unexercised and no restriction exists for the distribution of this reserve.

Share-based payments reserve

This reserve is used to record the value of equity benefits provided to Directors, employees and consultants as part of their remuneration. Refer to Note 28 for further details on share-based payments.

Available-for-sale reserve

This reserve records the fair value changes on the available-for-sale financial assets as set out in Note 10(b).

Foreign currency translation reserve

This reserve is used to record exchange differences arising on translation of the group entities that do not have a functional currency of US dollars and have been translated into US dollars for presentation purposes, as described in Note 2(f).

Convertible bond non-distributable reserve

This reserve records the equity portion of the convertible bonds issued on 15 December 2006 and on 11 March 2008, as described in Note 18.

Acquisition reserve

This reserve represents the premium paid on the acquisition of a non-controlling interest in Summit.

Consolidation reserve

This reserve recognises the difference between the fair value of the 15% interest in PAL allotted to the Government of Malawi, at the net present value of the Kayelekera Project on the date the Development Agreement was signed (22 February 2007), and the non-controlling interest share of the net assets of PAL.