Page 59 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

Incentives

The Group recognises a liability and expense for incentives payable to employees where either a contractual or constructive
obligation arises to pay an employee on achieving an agree level of individual and company performance. Incentives are to be paid
out within the next 6 months of the reporting date, (except those relating to the Executive Incentive Scheme).

Make good provision

The Group has an obligation to restore certain leased premises to their original condition when the lease expires. This provision
represents the estimated expenditure required to remove any leasehold improvements and restore the affected areas.

26. Co-operative share capital
2020 2019
$’000 $’000
The movements in shares by class for the Group are as follows:

On issue at 1 April 27,758 26,917
Net issues/(redemptions/transfers):
Ordinary shares 294 140
‘Old’ redeemable preference shares (RPS) (6) (40)
‘New’ redeemable preference shares (New RPS) 1,886 741
On issue at 31 March 29,932 27,758

Ordinary shares
8,963,982 (2019: 8,765,625) ordinary shares of $1 each 8,964 8,766
less uncalled and unpaid capital (1,209) (1,305)
7,755 7,461
'Old' redeemable preference shares (RPS)
17,064 (2019: 22,758) redeemable preference shares of $1 each fully paid 17 23

'New' redeemable preference shares (New RPS)
21,334,124 (2019: 19,941,008) new redeemable preference shares of $1 each fully paid 21,334 19,941
321,191 (2019: 189,049) FR24 redeemable preference shares of $1 each fully paid 321 189
355,310 (2019: 56,225) FR36 redeemable preference shares of $1 each fully paid 356 56
148,996 (2019: 87,574) FR48 redeemable preference shares of $1 each fully paid 149 88
22,160 20,274

Shares on issue at 31 March 29,932 27,758

Share subscriptions in advance 0 141
Total co-operative share capital 29,932 27,899

Classified as:
Non-current 29,932 27,899

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NZPM GROUP LIMITED ANNUAL REPORT 2020