On 21 June 2019 the Company raised £7.1 million through the issue of 7,551,936 new ordinary share of no par value at 94.5 pence per share. No new ordinary shares were issued during the year ended 31 March 2021. 2021 Number of shares 2020 Number of shares Ordinary share capital 547,605,596 547,605,596 Number of shares held in Employee Benefit Trust (2,052,269) (2,103,683) Number of ordinary shares 545,553,327 545,501,913 The fair value of awards made under the Long-term Incentive Plan is recognised in other reserves. Subject to the solvency test contained in the Companies (Guernsey) Law, 2008 being satisfied, ordinary shareholders are entitled to all dividends declared by the Company and to all of the Company’s assets after repayment of its borrowings and ordinary creditors. The Trustee of the Company’s Employee Benefit Trust has waived its right to receive dividends on the 2,052,269 shares it holds but continues to hold the right to vote. Ordinary shareholders have the right to vote at meetings of the Company. All ordinary shares carry equal voting rights. The Directors have authority to buy back up to 14.99% of the Company’s ordinary shares in issue, subject to the annual renewal of the authority from shareholders. Any buy-back of ordinary shares will be made subject to Guernsey law, and
the making and timing of any buy-backs will be at the absolute discretion of the Board. 21. Adjustment for non-cashmovements in the cash flow statement
2021 £000
2020 £000
(868) (12,861)
Profit on disposal of investment properties Movement in investment property valuation
(3,478)
882 292
758
Share-based provisions Depreciation of tangible assets
7
9
(12,964)
(2,295)
22. Obligations under leases The Group has entered into a number of head leases in relation to its investment properties. These leases are for fixed terms and subject to regular rent reviews. They contain no material provisions for contingent rents, renewal or purchase options nor any restrictions outside of the normal lease terms. Lease liabilities in respect of rents payable on leasehold properties were payable as follows: 2021 £000
2020 £000
Futureminimumpayments due: Within one year In the second to fifth years inclusive
116 466 7,150
117 466
After five years
7,266 7,849 (6,032)
7,732 (5,918) 1,814
Less: finance charges allocated to future periods Present value of minimum lease payments
1,817
The present value of minimum lease payments is analysed as follows:
2021 £000
2020 £000
Current Within one year
107 107
108 108
Non-current In the second to fifth years inclusive
379 1,328 1,707 1,814
388 1,321 1,709 1,817
After five years
121
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