The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

During the current period the Company's share capital increased by 53,410 shares (2015: no movement) following the issue of shares in relation to the exercise of options under the Company's Sharesave Scheme. There has been no significant impact on share premium as a result of the transaction, which has remained at £151.0m (2015: £151.0m).

In total the Company received proceeds of £2.7m (2015: £0.7m) from the exercise of share options.

Investment in Own Shares

At 1 April 2016 the Company held in Trust 2,984,289 (2015: 4,745,633) of its own shares with a nominal value of £29,843 (2015: £47,456). The Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company's ordinary shares. The market value of these shares at 1 April 2016 was £11.7m (2015: £21.7m). In the current period nil shares (2015: nil) were repurchased and transferred into the Trust, with 1,761,344 (2015: 271,569) reissued on exercise of share options.

Other Reserves

Capital Redemption Reserve

The capital redemption reserve has arisen following the purchase by the Company of its own shares and comprises the amount by which the distributable profits were reduced on these transactions in accordance with the Companies Act 2006.

Hedging Reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred.