18. Stated capital
 
Figures in Rand thousand 2019   2018   
Stated capital        
Opening balance 3 443 223   3 333 678   
Shares issued for cash1 713 115   –   
Shares issued as a result of the acquisition of businesses2 48 427   210 503   
Shares issued to the Group share incentive and retention schemes3 1 170   10 248   
Treasury shares4 33 686   (111 206)  
  4 239 621   3 443 223   

Authorised

500 000 000 ordinary shares of no par value

1 At fair value
2 In terms of purchase and sale agreements.
3 In terms of the Group share scheme.
4 Average price paid for treasury shares amounts to R23,70 per share.
Figures in Rand thousand 2019    2018   
Issued        
Reconciliation of the number of shares in issue:        
Opening balance  152 797     150 095    
Shares issued as a result of the acquisition of businesses  1 203     2 207    
Shares issued to the Group share incentive and retention schemes  50     495    
Shares issued as a result of the Lebashe B-BBEE transaction*  22 495     –    
Shares in issue at the end of the period  176 545     152 797    
Less:             
Treasury shares held in the Group share incentive schemes  (2 351)    (2 367)   
Treasury shares held by wholly owned subsidiaries of the Company that will not be cancelled  (5 650)    (5 530)   
   168 544     144 900    
EOH A shares of no par value:              
Shares issued as a result of the Lebashe B-BBEE transaction*    40 000       –    
   40 000     –    
*

The Lebashe transaction was approved by shareholders on 18 September 2018 and effectively implemented on 1 October 2018. Since the date of approval Lebashe has:

– invested R750 million in three tranches in EOH ordinary shares based on a 30-day VWAP at a 10% discount for an average share price of R33,59; and
– received 40 million unlisted EOH A shares which will be redeemed in five years on 1 October 2023 through an ordinary share issue. The A shares rank equal to an EOH ordinary share in respect of voting rights and each EOH A share will receive cash dividends in an amount equal to the value of 15% of dividends paid by EOH to ordinary shareholders. The remaining 85% of the dividend value will be accrued and redeemed through the redemption of the A shares. Despite the variability in number of EOH ordinary shares that will be issued, the obligation to Lebashe is treated as an equity transaction as the settlement will be undertaken in ordinary shares and the transaction is therefore within the scope of IFRS 2.
The related IFRS 2 share-based payment charge of R157 million has been recognised in the statement of profit or loss.
*

Unissued

323 455 039 (2018: 347 202 707) unissued ordinary shares are under the control of the directors in terms of the resolution of members passed at the last Annual General Meeting subject to the provisions of section 38 of the Companies Act of South Africa and the JSE Listings Requirements. The directors are authorised to issue up to an aggregate maximum of 5% of the issued number of shares for cash until the next Annual General Meeting.