Notes to the Group annual financial statements l Note 6

6. Share capital
 
Ordinary shares are classified as equity and the shares are fully paid up

Shares acquired by Blue Label Telecoms for its own employees’ equity compensation benefit scheme, as well as the shares procured by the subsidiaries in terms of this scheme, are accounted for as treasury shares in the Group statement of financial position.


   2017
Number
of shares		       2016
Number
of shares		   2017
R’000		       2016
R’000		   
Authorised                     
Total authorised share capital of ordinary shares (par value of R0.000001 each) 1 000 000 000     1 000 000 000   1     1   
Issued                    
Balance at the beginning of the year 666 243 234     665 463 346   *     *  
Shares acquired during the year (348 651)     (2 383 471)   *     *   
Shares vested during the year 2 141 673     3 163 359   *     *   
Balance at the end of the year 668 036 256     666 243 234   *     *   

* Less than R1 000.

All issued shares are fully paid up.

The total number of shares in issue including shares held as treasury shares as at 31 May 2017 is 674 509 042 (2016: 674 509 042).

The Company acquired 348 651 (2016: 2 383 471) shares at an average price of R21.17 (2016: R9.67) on the JSE in order to grant forfeitable shares to employees and directors as part of the Group’s forfeitable share plan.

The amount paid to acquire these shares was R7 380 663 (2016: R23 052 001) and has been deducted from shareholders’ equity. These shares are held as treasury shares.

Refer to note 5.1 for details on the forfeitable shares.

Notes to the Group annual financial statements l Note 6