Financial Report Template Page 55
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80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 24 PROVISIONS CONT.
Provision for Leasehold Property Make Good
In accordance with the Group’s contractual obligations under tenancy lease agreements, the Group is required to restore the leased
premises on the expiry of the lease term. The assumptions used to calculate the provision were based on assessments of the timing
of the restoration liability crystallising and on current restoration costs accreted at a rate of 2.5% (2014: 3.5%).
Operating Lease Incentives
Incentives received from entering into operating leases are recognised as liabilities. The aggregated benefits of incentives are
recognised as a reduction of rental expense when the operating lease payment is incurred, as this represents the pattern of benefits
derived from the leased asset. The incentives are spread over the life of the lease.
NOTE 25 ISSUED CAPITAL
Consolidated Group
2015
2014
$
$
172.4 million (2014: 155 million) fully paid ordinary shares
51,384,958
18,256,679
51,384,958
18,256,679
(a) Ordinary Shares
Consolidated Group
2014
2013
No.
No.
At the beginning of the reporting period
155,000,000
155,000,000
Shares issued during the year:
— 1st July 2014 for business acquisitions
1,400,000
–
— 11th July 2014 for rights issue
15,382,174
–
— 15th July 2014 for business acquisitions
500,000
–
— 16th July 2014 for rights issue
117,907
–
At the end of the reporting period
172,400,081
155,000,000
During the year, share capital was increased by $4.6m, with the issue of 1.9m ordinary shares for part consideration in business
acquisitions.
On 16th July 2014 the Group successfully completed a 1 for 10 rights issue at $1.90 per ordinary share, raising a total of $29.45m, with
the funds primarily utilised for the initial instalments of the acquisitions. The transaction costs associated with this capital raising which
have been deducted from share capital were $926,876.
Ordinary shares participate in dividends and the proceeds on winding-up of the parent entity in proportion to the number of shares held.
At the shareholders’ meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote
on a show of hands.
53
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