NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 16
    2014
Rm
    2013
Rm
 
16. Share capital and share premium          
  Authorised share capital          
  394 999 000 (2013: 394 999 000) ordinary shares of 4 cents each 15     15  
  50 000 000 (2013: 50 000 000) deferred ordinary shares of 4 cents each 2     2  
  15 000 000 (2013: 15 000 000) preferred ordinary shares of 4 cents each 1     1  
  1 000 (2013: 1 000) redeemable preference shares of 4 cents each          
  40 000 000 (2013: 40 000 000) non-redeemable, non-participating preference shares of 4 cents each* 2     2  
    20     20  
  Issued and fully paid share capital          
  207 815 753 (2013: 208 833 715) ordinary shares of 4 cents each 8     8  
  11 025 236 (2013: 12 979 082) deferred ordinary shares of 4 cents each 1     1  
    9     9  
  Share premium          
  Balance at the beginning of the year 373     13  
  Ordinary shares issued during the year       360  
    373     373  
  Share capital and share premium 382     382  
  * For non-redeemable, non-participating preference shares in issue refer to note 19.

Directors’ authority to issue ordinary shares and non-redeemable preference shares

The directors have been given general authority until the next annual general meeting to issue:

> not more than five percent of the issued ordinary share capital at 30 June 2013;
> not more than five million of the non-redeemable, non-participating preference shares.

Ordinary shares

The ordinary shares carry one vote per share and are entitled to an ordinary dividend.

Deferred ordinary shares

Ukhamba, the BEE partner that owns an effective 10,1% shareholding in Imperial, facilitated the trading of its shares on an Over the Counter (OTC) Platform to allow our employees and beneficiaries in Ukhamba to monetise their value in Ukhamba. To allow for this, at a general meeting held on 21 October 2013, Imperial shareholders agreed to alter the conversion profile of the deferred ordinary shares to equal predetermined conversions over 12 years. As a result 831 469 deferred shares will convert annually starting on 30 June 2014, with the last conversion on 30 June 2025. The R70 million cost for altering the conversion profile of the deferred shares was charged to profit or loss with a corresponding entry to the share-based payment reserve.

To the end of the current financial year 11 730 153 (2013: 9 776 307) deferred ordinary shares have been converted into ordinary shares.

The deferred ordinary shares carry one vote per share and are not entitled to dividends.

Directors’ interests in issued share capital

At year-end the aggregate shareholdings of the directors in the issued ordinary share capital of the company are outlined in note 40.4.