22 Share Capital

  2010 2009
In millions of Russian Roubles, except for number of shares Number of shares, in thousands Nominal amount Inflation adjusted amount Number of shares, in thousands Nominal amount Inflation adjusted amount
Ordinary shares 21,586,948 64,761 83,337 21,586,948 64,761 83,337
Preference shares 1,000,000 3,000 4,405 1,000,000 3,000 4,405
Less: Treasury shares            
- Ordinary shares (5) - - (5) - -
Total share capital 22,586,943 67,761 87,742 22,586,943 67,761 87,742

The movement in the number of ordinary shares for the years ended 31 December 2010 and 31 December 2009 is as follows:

In thousands 2010 2009
Number of ordinary shares as at the 1 January 21,586,943 21,584,936
Disposal of treasury shares - 2,007
Number of ordinary shares as at the 31 December 21,586,943 21,586,943

As at 31 December 2010 all ordinary shares have a nominal value of RR 3 per share and rank equally. Each ordinary share carries one vote. All issued ordinary shares are fully paid. Preference shares have a nominal value of RR 3 per share and carry no voting rights but rank ahead of the ordinary shares in the event of the Bank's liquidation. Preference shares are not redeemable. Dividend payments are at the discretion of the Bank. When a dividend is paid, the preference shares attract a minimum payment of annual dividends of 15% of their nominal value, subject to confirmation of the shareholders meeting. If preference dividends are not declared, the preference shareholders obtain the right to vote as ordinary shareholders, but lose this right when the next dividend is paid. Preference share dividends are set at 15.0%of nominal value in 2010 for the year ended 31 December 2009 (2009: 21.0% of nominal value for the year ended 31 December 2008). Preference share dividends rank above ordinary dividends.

On 26 June 2009 by the Annual Shareholders' Meeting a decision was passed to increase the Bank's authorized capital through a placement of ordinary shares by open subscription within the limit of authorized shares (15 billion shares). As at 31 December 2010 the issue has not yet been performed.

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