30 Reserves
The following describes the nature and purpose of each reserve within shareholders’ equity:
Reserve |
Description and purpose |
| Share premium | Amount subscribed for share capital in excess of nominal value less directly attributable issue costs. |
| Other | Premium on the issue of shares as equity consideration for the acquisition of London Merchant Securities plc (LMS). Fair value of equity instruments granted but not yet exercised under share-based payments. Foreign exchange reserve amounting to £4.0m at 31st December 2009 (2008: £7.6m) which relates to gains or losses arising on retranslating the net assets of overseas operations. |
| Retained earnings | Cumulative net gains and losses recognised in the group income statement. |