McConnell Dowell 2019 Annual Review

87 Annual Review 2019 All figures are in A$ 000’s Note 2019 2018 23. Issued capital Issued and paid capital Ordinary share capital 226,555,362 (2018: 216,555,362) fully paid ordinary shares 23(a) 227,765 217,765 Preference share capital 400,000 (2018: 400,000) fully paid non redeemable 9.53% per annum cumulative preference shares 23(b) 40,000 40,000 Total contributed equity 267,765 257,765 23(a) Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the company in proportion to the amounts of paid shares held. 10 million shares were issued to the sole shareholder for $10m during the year. 23(b) Preference shares entitle the holder to participate in dividends prior to ordinary shareholders. They are entitled to an amount of 9.53% of the face value of shares per annum. The declaration of any dividend is at the discretion of the Company. If dividends are not paid, or are not paid in full, any unpaid amounts accumulate to a maximum value of the investment. Voting and all other rights are the same as ordinary shareholders. The cumulative value of dividends not paid on preference shares (in whole dollars) is $21,900,723 (2018: $18,088,723). When managing capital, management’s objective is to ensure the entity continues as a going concern as well as to maintain optimal returns to shareholders. Consolidated