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20. Called up share capital
Authorised: At 30 June 2010 – ordinary shares of 5p each At 30 June 2010 – CRPS of £78.10 each At 30 June 2009 – ordinary shares of 5p each At 30 June 2009 – CRPS of £78.10 each Allotted, called up and fully paid: At 30 June 2010 – ordinary shares of 5p each At 30 June 2010 – CRPS of £78.10 each At 30 June 2009 – ordinary shares of 5p each At 30 June 2009 – CRPS of £78.10 each 123,542,585 57,822 92,799,073 58,299 6,177 4,516 4,640 4,553 200,000,000 60,000 200,000,000 60,000 10,000 4,686 10,000 4,686
During the year, 476 CRPS were converted to ordinary shares at the rate of 1,562 ordinary shares for each CRPS, adding an additional 743,512 ordinary shares to the called up share capital. Also on 1 November 2009, 30 million ordinary shares were issued. In total this brings the ordinary share capital to 123,542,585 shares. The equity component of the CRPS at 30 June 2010 is £3,774,000 (2009: £3,805,000).
21. Equity component of convertible redeemable preference shares
The CRPS were issued on 23 January 2004 for consideration of £250 per share. The key terms of the CRPS are as follows: 1 no dividend shall be payable until 31 October 2007 (in respect of the period from the third anniversary of issue to 30 September 2007) and thereafter will be payable annually on 31 October in respect of each twelve month period to 30 September at a rate of 1% above the HSBC Bank base rate; on 31 October 2007 and on each 31 October thereafter (or, if later, 28 days after the posting of the Company’s audited consolidated financial statements for the period ended on the prior 30 June), the CRPS will be convertible into ordinary shares at the election of CRPS holders at the rate of 1,562 ordinary shares for each CRPS; the Company may serve notice of its wish to redeem all or any of the CRPS at any time, in which event CRPS holders may elect either to convert or redeem their relevant proportion of CRPS set out in the notice; on and after the date falling three years from the date of issue, CRPS holders will be entitled to elect to redeem their CRPS. Once the Company has received elections in respect of more than 50% in number of the CRPS, but not before, it will redeem all of the CRPS in three equal annual tranches on a pro rata basis; all of the CRPS still in issue will be redeemed in three equal annual tranches on a pro rata basis on the seventh, eighth and ninth anniversaries of the date of issue; the Company will only be obliged to pay dividends or redeem the CRPS on the dates above to the extent that it has sufficient distributable reserves lawfully to do so, otherwise it may defer payment until it is so able; the sum to be paid on redemption of each CRPS shall be the amount paid up on such share (including any premium), together with any arrears and accruals of, and interest on, the dividend payable in respect of such share, calculated to the relevant date of redemption; CRPS holders are entitled to one vote on a show of hands or, on a poll, one vote per ordinary share that would have been allotted to that CRPS holder had conversion taken place at that time at the conversion rate then applicable. CRPS holders may only vote on resolutions relating to: the winding up of the Company, a reduction in the capital of the Company or the rights attached to the CRPS, or when the Company has been in default, for a period of more than one month, of its obligations relating to the payment of a dividend or the redemption of the shares; and on a return of capital or winding up, CRPS holders have the right to receive, in priority to any other classes of shares, the amount of the paid up sum (including any premium paid) in respect of each CRPS on subscription, plus any arrears of dividend.
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Tottenham Hotspur plc
Annual Report 2010