================================================== =========== ===========
Total share capital issued in the year 101,688 61,754
================================================== =========== ===========
Costs on issue of Ordinary Shares (792) (415)
================================================== =========== ===========
Balance at 31 December 625,289 524,393
================================================== =========== ===========
At present, the Company has one class of Ordinary Shares which
carry no right to fixed income.
On 13 June 2014, 2,516,479 new Ordinary fully paid shares were
issued as a scrip dividend alternative in lieu of cash for the
interim dividend in respect of the six months ended 31 December
2013.
On 24 October 2014, 2,630,909 new Ordinary fully paid shares
were issued as a scrip dividend alternative in lieu of cash for the
interim dividend in respect of the six months ended 30 June
2014.
On 14 November 2014, the Group raised an additional GBP95
million of equity through its Placing and Offer for Subscription of
70,370,370 Ordinary Shares at an issue price per share of 135p
(ex-dividend).
31 December 31 December
2014 2013
Other distributable reserve GBP'000s GBP'000s
============================ =========== ===========
Opening balance 182,481 182,481
Movement in the year - -
============================ =========== ===========
Balance at 31 December 182,481 182,481
============================ =========== ===========
On 19 January 2007 the Company applied to the Royal Court of
Guernsey, following the initial placing of shares, to reduce its
share premium account. This was in order to provide a distributable
reserve to enable the Company to repurchase its shares if and when
the Board of Directors consider it beneficial to do so. Following
court approval, the distributable reserve account was created.
17. Share Capital and Reserves continued
31 December 31 December
2014 2013
Retained earnings GBP'000s GBP'000s
======================== =========== ===========
Opening balance 228,517 215,419
Net profit for the year 73,211 58,634
Dividends paid(1) (47,430) (45,536)
======================== =========== ===========
Closing balance 254,298 228,517
======================== =========== ===========
(1) Includes scrip element of GBP6.7 million in 2014 (2013: GBP8.7 million).
Distributions
The Board is satisfied that, in every respect, the solvency test
as required by the Companies (Guernsey) Law, 2008, was satisfied
for the proposed dividend and the dividend paid in respect of the
year ended 31 December 2014.
The Board has approved interim distributions as follows:
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
====================================================== ======================= ============
Amounts recognised as distributions to equity holders
for the year ended 31 December 47,430(1) 45,536
Declared
Interim distribution for the period 1 January to
30 June 2014 was 3.15 pence per share (2013: 3.075
pence per share) 24,040 23,155
Interim distribution for the period 1 July to 31
December 2014 was 3.15 pence per share (2013: 3.075
pence per share(2) ) 26,339 23,390
====================================================== ======================= ============
(1) Includes the 2013 interim distribution for the period 1 July to 31 December 2013.
(2) The distribution for the period 1 July to 31 December 2014
was approved by the Board on 25 March 2015 and therefore has not
been included as a liability in the balance sheet for the year
ended 31 December 2014.
Capital risk management
The Group seeks to efficiently manage its financial resources to
seek to ensure that it is able to continue as going concern while
providing improved returns to shareholders through the management
of the debt and equity balances. The capital structure consists of
the Group's corporate facility and equity attributable to equity
holders of the parent, comprising issued capital, reserves and
retained earnings. The Group aims to deliver its objective by
investing available cash and using leverage whilst maintaining
sufficient liquidity to meet on-going expenses and dividend
payments. The Group's investment policy is set out in the Strategic
Report (pages 10-11).
The Group's Investment Adviser reviews the capital structure on
a semi-annual basis. As part of this review, the Investment Adviser
considers the cost of capital and the risks associated with each
class of capital.
18. Net Assets per Share
31 December 31 December
2014 2013
GBP'000 GBP'000
============================================== ============== ==============
Net assets attributable to equity holders of
the parent 1,062,068 935,391
=============================================== ============== ==============
Number Number
============================================== ============== ==============
Number of shares
Ordinary shares outstanding at the end of the
year 836,159,373 760,641,615
=============================================== ============== ==============
Net assets per share (pence per share) 127.0 123.0
=============================================== ============== ==============
19. Related Party Transactions
During the period, Group companies entered into certain
transactions with related parties that are not members of the Group
but are related parties by reason of being in the same group as
Amber Infrastructure Group Holdings Limited, which is the ultimate
holding company of the Investment Adviser, Amber Fund Management
Limited ('AFML').
Under the Investment Advisory Agreement ('IAA'), AFML was
appointed to provide investment advisory services to the Group
including advising the Group as to the strategic management of its
portfolio of investments.
AFML is a subsidiary company of Amber Infrastructure Group
Holdings Limited ('Amber Group'), in which Mr. G Frost is a
Director and also a substantial shareholder.
Mr. G Frost is also a Director of International Public
Partnerships Limited (the 'Company'); International Public
Partnerships Lux 1 Sarl; (a wholly owned subsidiary of the Group);
and the majority of other companies in which the Group indirectly
has an investment. The transactions with the Amber Group are
considered related party transactions under IAS 24 'Related Party
Disclosures'.
The Director's fees of GBP32,000 (2013: GBP32,000) for Mr. G
Frost's directorship of the Company are paid to his employer, Amber
Infrastructure Limited (a member of the Amber Group).
The amounts of the transactions in the year that were related
party transactions are set out in the table below:
Amounts owing to
Related party expense related parties in
in the Income Statement the Balance Sheet
======================================= ===============================
For the For the
year ended year ended At At
31 December 31 December 31 December 31 December
2014 2013 2014 2013
GBP'000s GBP'000s GBP'000s GBP'000s
=================================== ================ ================ ================== ================
Investment advisory fee 11,608 10,702 5,980 5,446
Incentive fee(1) - 10,974 - -
=================================== ================ ================ ================== ================
International Public Partnerships
GP Limited 11,608 21,676 5,980 5,446
Amber Fund Management Limited(2) 2,818 548 - -
=================================== ================ ================ ================== ================
Total 14,426 22,224 5,980 5,446
=================================== ================ ================ ================== ================
(1.) 60% settled in shares
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