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Notes to the Consolidated Financial Statements

Notes 16-20

19. Called up share capital

  2008   2007
  Number £m   Number £m
Ordinary shares of 113/7 US cents each (2007: 113/7 US cents) 68,250,000,000 4,875   68,250,000,000 4,875
B shares of 15 pence each 38,563,935,574 5,784   38,563,935,574 5,784
Deferred shares of 15 pence each 28,036,064,426 4,206   28,036,064,426 4,206
Ordinary shares allotted, issued and fully paid(1):
1 April 58,085,695,298 4,172   66,251,332,784 4,165
Allotted during the year 169,360,427 10   118,241,919 7
Consolidated during the year   (8,283,879,405)
31 March 58,255,055,725 4,182   58,085,695,298 4,172
B shares allotted, issued and fully paid(2):
1 April 132,001,365 20  
Issued during the year   66,271,035,240 9,941
Redeemed during the year (44,572,227) (7)   (38,102,969,449) (5,715)
Converted to deferred shares and subsequently cancelled during the year   (28,036,064,426) (4,206)
31 March 87,429,138 13   132,001,365 20
(1) At 31 March 2008, the Group held 5,132,496,335 (2007: 5,250,617,951) treasury shares with a nominal value of £368 million (2007: £377 million). The market value of shares held was £7,745 million (2007: £7,115 million). During the year, 101,466,161 treasury shares (2007: 91,595,624 treasury shares) were reissued under Group share option schemes.
(2) On 31 July 2006, Vodafone Group Plc undertook a return of capital to shareholders via a B share scheme and associated share consolidation. A total of 66,271,035,240 B shares were issued on that day, and 66,271,035,240 existing ordinary shares of 10 US cents each were consolidated into 57,987,155,835 new ordinary shares of 11 3/7 cents each. B shareholders were given the alternatives of initial redemption or future redemption at 15 pence per share or the payment of an initial dividend of 15 pence per share. The initial redemption took place on 4 August 2006 with future redemption dates on 5 February and 5 August each year until 5 August 2008 when the Company expects to exercise its right to redeem all B shares still in issue at their nominal value of 15 pence. B shareholders that chose future redemption are entitled to receive a continuing non-cumulative dividend of 75 per cent of sterling LIBOR payable semi-annually in arrear until they are redeemed. The continuing B share dividend is shown within financing costs in the income statement. B shareholders are only entitled to receive notice of (or attend, speak or vote at) any general meeting if the business includes a resolution for the winding up of the Company. If the Company is wound up, the holders of the B shares are entitled, before any payment to the ordinary shareholders, to repayment of the amount paid up on each B share together with any outstanding entitlement to the B share continuing dividend.

By 31 March 2008, total capital of £9,011 million had been returned to shareholders, £5,720 million by way of capital redemption and £3,291 million by way of initial dividend (note 21). The outstanding B share liability at 31 March 2008 has been classified as a financial liability. During the period, a transfer of £7 million (2007: £9,004 million) in respect of the B shares has been made from retained losses (note 23) to the capital redemption reserve (note 21). The redemptions and initial dividend are shown within cash flows from financing activities in the cash flow statement.

Allotted during the year

  Number Nominal value
Net proceeds
UK share awards and option scheme awards 152,400,497 9 249
US share awards and option scheme awards 16,959,930 1 24
Total for share awards and option scheme awards 169,360,427 10 273