130
IMI plc
SECTION 4 – CAPITAL STRUCTURE AND FINANCING COSTS
Continued
Employee Benefit Trust
The Employee Benefit Trust made market purchases of a total of 2.9m (2013: 2.4m) shares with an aggregate market value of £40.0m (2013: £31.3m) and a
nominal value of £0.8m (2013: £0.6m). Associated transaction costs amounted to £nil (2013: £0.1m).
Share options exercised in 2014 were settled using the shares in the Group’s Employee Benefit Trust. In 2014 2.8m (2013: 2.8m) shares were issued for cash
of £9.3m (2013: £7.2m).
Of the 16.0m (2013: 32.7m) shares held within retained earnings, 1.7m (2013: 1.8m) shares with an aggregate market value of £21.5m (2013: £27.5m) are held
in trust to satisfy employee share scheme vesting.
Treasury shares
In 2013, on-market purchases of 11.8m shares were conducted relating to the share buyback programme. The aggregate market value of these shares at the
dates of purchase was £163.2m. Dealing costs relating to these purchases were £1.1m. There were no such transactions in 2014.
4.6.3 Dividends
After the balance sheet date the following dividends were proposed by the directors. The dividends have not been provided for and there are no income tax consequences.
2014
2013
£m
£m
Current year final dividend - 24.0p per qualifying ordinary share (2013: 22.5p)
64.8
60.7
The following dividends were declared and paid by the Group during the year:
2014
2013
£m
£m
Prior year final dividend paid - 22.5p per qualifying ordinary share (2013: 20.7p)
60.6
66.0
Current year interim dividend paid - 13.6p per qualifying ordinary share (2013: 12.8p)
36.7
40.2
97.3
106.2
4.6.2 Share movements in the year
Movements in shares due to share issues and purchases during the year were as follows:
Number of ordinary shares of 25p / 28 4/7p each (million)
Employee
Benefit Trust
Treasury
Other
Total
25 pence shares in issue at 31 December 2013
1.8
30.9
308.3
341.0
Shares allocated under employee share schemes
(0.3)
0.3
-
Share cancellations
(14.6)
(14.6)
Share consolidation
(0.2)
(2.0)
(38.6)
(40.8)
28 4/7 pence shares in issue at 17 February 2014
1.3
14.3
270.0
285.6
New issues to satisfy employee share scheme awards
0.4
0.4
Market purchases
2.9
(2.9)
-
Shares allocated under employee share schemes
(2.5)
2.5
-
At 31 December 2014
1.7
14.3
270.0
286.0
During the year 0.4m (2013: 0.3m) shares were issued under employee share schemes realising £1.8m (2013: £1.6m).
