13. Equity
a. Share Capital
(i) Movement in ordinary shares
Details | Number of shares (thousands) | $'000 |
Opening balance 1 July 2018 | 65,000 | 63,668 |
Discount on shares issued | - | 1,003 |
Balance 30 June 2019 | 65,000 | 64,671 |
Opening balance 1 July 2019 | 65,000 | 64,671 |
Discount on shares issued | - | 300 |
Balance 30 June 2020 | 65,000 | 64,971 |
(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 | June | |
Balance 1 July | 69,617 | 66,883 | |
Opening balance adjustment (adoption of AASB 15) | - | 150 | |
Net profit for the period | 22,557 | 30,272 | |
Items of other comprehensive income recognised directly in retained earnings | |||
Remeasurements of retirement benefit obligation, net of tax | -359 | -174 | |
In specie dividend / separation adjustment | 70 | -514 | |
Dividends | -10,600 | -27,000 | |
Balance 30 June | 81,285 | 69,617 |
c. Dividends
June 2020 | June 2019 | |
$000 | $000 | |
Final dividend for the year ended 30 June 2019 of 9 cents (2018: 22 cents) per fully paid share paid on 29 October 2019 | 5,800 | 14,100 |
Special dividend | 800 | 500 |
Interim dividend for the year ended 30 June 2020 of 6 cents (2019: 19 cents) per fully paid share paid on 29 April 2020 | 4,000 | 12,400 |
Total unfranked dividends | 10,600 | 27,000 |
All dividends declared during the year were paid out of retained earnings.
The Directors declared an unfranked final dividend of $3.2m on 27 August 2020 for the year ended 30 June 2020.
Dividend franking account
June 2020 | June 2019 | |
$'000 | $'000 | |
Class C (30%) franking credits | 186,513 | 180,426 |
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 dividends recognised as a liability at year-end
- franking credits that will arise from the receipt of dividends recognised as receivables at year-end
- 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.
Visit
https://www.transparency.gov.au/annual-reports/asc-pty-ltd/reporting-year/2019-20-28