Notes to the Group annual financial statements | Note 6.1

6. Equity
6.1 Share capital
 

Ordinary shares are classified as equity and the shares are fully paid up.

Shares acquired by Blue Label Telecoms for its own employees' equity compensation benefit scheme, as well as the shares procured by the subsidiaries in terms of this scheme, are accounted for as treasury shares in the Group statement of financial position.

2022 
Number 
of shares 		 2021   
Number   
of shares   
Authorised  
Total authorised share capital of ordinary shares (no par value) 2 000 000 000    2 000 000 000   
Issued  
Balance at the beginning of the year   876 772 658    890 001 906#  
Shares acquired during the year   (1 442 247)   (14 403 293)# 
Shares vested during the year   1 452 062    1 174 045   
Balance at the end of the year   876 782 473    876 772 658#  
Total number of shares in issue  913 655 874    913 655 874   
Treasury shares  (36 873 401)   (36 883 216)  
# The prior year figures have been restated to correctly account for a number of shares that were bought and issued by the Group in terms of the forfeitable share scheme, which had an inconsequential impact on the weighted average number of shares. Refer to note 1.5.

All issued shares are fully paid up.

The Company acquired 1 955 484 (2021: 15 072 808) shares at an average price of R6.48 (2021: R3.06) on the JSE in order to grant forfeitable shares to employees and Directors as part of the Group's forfeitable share plan. Of the total shares acquired, 1 442 247 (2021: 14 403 293) related to shares awarded to employees of subsidiary companies in terms of the equity-settled forfeitable share plan, which are held as treasury shares and accounted for against share premium. The remaining shares of 513 237 (2021: 669 515) related to shares awarded to employees of associate companies in terms of their cash-settled forfeitable share plan and are not considered to be treasury shares of the Group.

The amount paid to acquire the treasury shares was R9.3 million (2021: R43.9 million) and has been deducted from shareholders' equity.

Refer to note 5.1 for details on the forfeitable shares.