confidence - Investing In Africa

Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)17. ORDINARY SHARE CAPITAL (cont’d)As at 30 June 2003, the Bank had bought back and held as Treasury shares 46,296,999 of its own shares. A further11,078,001 shares were bought back during the month of July 2003 at prices ranging from MRs15.60 to MRs17.10(an average of MRs16.86) per share, bringing total shares bought back and held as Treasury Shares to 57,375,000 atthe end of July 2003. Treasury shares are not eligible for voting and dividend.In November 2003, the Bank started a third Share Buy Back Programme, under which shares purchased were cancelledimmediately on acquisition. As at 30 June 2004, 72,700 shares had been purchased at an average of MRs20.16 per shareand an additional 12,830 shares had been cancelled from the Treasury Shares Account so as to keep the percentage ofTreasury shares to issued shares within the limit of 15% in accordance with the Companies Act 2001.No shares were bought back during the financial year ended 30 June 2005.The Share Buy Back programme approved by shareholders lapsed on 17 May 2005.The total cost of the purchase of shares, including brokerage and other fees, has been deducted from Shareholders’ Equity,more specifically from Share Capital, Share Premium and Revenue Reserve.18. RESERVES AND SURPLUSGROUP AND BANK2005 2004 2003MRs' 000 MRs' 000 MRs' 00052Statutory Reserve 480,249 465,825 455,865Revenue Reserve 4,672,218 3,895,258 4,077,654Unrealised Investment Fair Value Reserve 1,460,494 1,246,673 1,845Investment Fluctuation Reserve 58,356 53,868 36,938Property Revaluation Reserve 962,010 - -Translation Reserve 153,632 76,901 170,957Other Reserve 70,810 71,088 59,4307,857,769 5,809,613 4,802,689Investment Fluctuation Reserve is a reserve created by the appropriation of retained earnings of the Indian Operationsrequired by Indian regulatory authorities.Other Reserve represents the Group's and the Bank’s share of Other Reserve of Associates.Movements in Reserves and Surplus are shown in the Statement of Changes in Equity.