12. Reserves

Company	Share premium £m	Capital redemption reserve £m	Merger reserve £m	Employee benefit trust shares £m	Profit and loss account £m
At 1 January 2008	374.9	1.8	44.6	–	361.4
Shares issued	35.5	–	–	–	–
Share transaction costs	–	–	–	–	(0.4)
Employee Benefit Trust shares purchased	–	–	–	(0.2)	(68.2)
Share based payment	–	–	–	–	9.2
Equity dividends paid	–	–	–	–	(78.0)
Retained loss for the year	–	–	–	–	(41.5)
At 31 December 2008	410.4	1.8	44.6	(0.2)	182.5