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13. Equity

ASC PTY LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED
For the year ended 30 June 2019

a. Share Capital

(i) Movements in ordinary shares:

Number of shares (thousands)

$'000

Details

Opening balance 1 July 2017

65,000

62,936

Unwinding of discount on shares issued

-

732

Balance 30 June 2018

65,000

63,668

Opening balance 1 July 2018

65,000

63,668

Discount on shares issued

-

1,003

Balance 30 June 2019

65,000

64,671

(ii) Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held.

b. Retained earnings

Movements in retained earnings were as follows:

Notes

June 2019 $'000

June 2018 $'000

Balance 1 July

66,883

50,865

Opening balance adjustment due to application of AASB 15

150

-

Net profit for the period

30,272

31,996

Items of other comprehensive income recognised directly in retained earnings

Remeasurements of retirement benefit obligation, net of tax

10(g)

(174)

22

In specie dividend

(514)

-

Dividends

(27,000)

(16,000)

Balance 30 June

69,617

66,883

c. Dividends

June 2019 $'000

June 2018 $'000

Final dividend for the year ended 30 June 2018 of 141 cents (2017: 109 cents) per fully paid share paid on 30 October 2018

14,100

10,900

Special dividend

500

-

Interim dividend for the year ended 30 June 2019 of 124 cents (2018: 51 cents) per fully paid share paid on 29 April 2019

12,400

5,100

Total unfranked dividends

27,000

16,000

All dividends declared during the year were paid out of retained earnings.

Dividend franking account

June 2019 $'000

June 2019 $'000

Class C (30%) franking credits

180,426

166,212

The above available amounts are based on the balance of the dividend franking account at year-end adjusted for:

  • franking credits that will arise from the payment of the amount of the provision for income tax;
  • franking debits that will arise from the payment of the dividends recognised as a liability at year-end;
  • franking credits that will arise from the receipt of dividends recognised as receivables at year-end; and
  • franking credits that the entity may be prevented from distributing in subsequent years.

The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare dividends.