Adcock Ingram Integrated Report 2018

Notes to the Group annual financial statements continued 91 ADCOCK INGRAM  Integrated Report 2018 17 CASH AND CASH EQUIVALENTS/OVERDRAFT 2018 2017 R‘000 R‘000 Cash at banks 404 629 592 070 Bank overdraft (248 877) (5 619) 155 752 586 451 Cash at banks earns interest at floating rates based on daily bank deposit rates. Overdraft balances in South Africa incur interest at 8.3% (2017: 8.0%). The fair value of the net cash approximates R155.8 million (2017: R586.4 million). There are no restrictions over the cash balances and all balances are available for use. In the 2017 financial year, property, plant and equipment to the value of R37.2 million in Datlabs was pledged as security for the bank overdraft of R5.6 million. Refer note 10. 18 SHARE CAPITAL 18.1 AUTHORISED Ordinary Share Capital 250 000 000 ordinary shares of 10 cents each 25 000 25 000 18.2 ISSUED Ordinary Share Capital Opening balance of 171 462 885 ordinary shares of 10 cents each 17 147 17 147 Movement of treasury shares (1) – 17 146 17 147 Number of shares 2018 2017 18.3 TREASURY SHARES Shares held by Group company - number of ordinary shares 4 291 903 4 285 163 Shares bought back and held by a Group company are regarded as treasury shares. 18.4 RECONCILIATION OF ISSUED SHARES Number of shares in issue 175 748 048 175 748 048 Number of ordinary shares held by the Group companies (4 291 903) (4 285 163) Net shares in issue 171 456 145 171 462 885 Unissued shares In terms of the Companies Act, the unissued shares are under the control of the directors. Accordingly, the directors are authorised to allot and issue them on such terms and conditions and at such times as they deem fit but subject to the provisions of the Companies Act. The Group has a share incentive trust in terms of which shares were issued and share options were granted. Refer to Annexure B. As required by IFRS and the JSE Limited, the share incentive trust is consolidated into the Group’s annual financial statements.