24. Share Capital and Reserves
| 2016 €’000 | 2015 €’000 | |
Authorised | ||
96.5m ordinary shares of €1.25 each | 120,625 | 120,625 |
Allotted, called up and fully paid – presented as equity | ||
11.571m ordinary shares of €1.25 each | 14,464 | 14,464 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. All shares carry equal voting rights and rank dividends to the extent to which the total amount on each share is paid up.
Reserves
The opening balance, closing balance and movements in each reserve are outlined in the Statement of Changes in Equity. A description of each reserve is outlined below.
Called-up share capital
The authorised share capital of the Company comprises ordinary shares.
Capital conversion reserve fund
The ordinary shares of the Company were re-nominalised from €1.269738 each to €1.25 each in 2001 and the amount by which the issued share capital of the Company was reduced was transferred to a fund known as the Capital Conversion Reserve Fund.
Capital contribution
On 12 July 2011, as permitted by the Harbours Acts, 1996 to 2009, the Minister for Transport, Tourism and Sport ordered that the functions of Dundalk Port Company be transferred to the Company. The assets and liabilities taken on by the Company as a result of this Ministerial Order have been recorded at their fair values at that date. A corresponding amount has been recognised as a Capital Contribution in Shareholders’ Funds reflecting that the assets received and liabilities assumed are considered to be a contribution from the Company’s principal shareholder.
