11. Share capital

	2008 Million	2007 Million	2008 £m	2007 £m
Authorised
Ordinary shares of 2 ¹/₁₅p each	967.7	967.7	20.0	20.0
Allotted, called up and fully paid
Ordinary shares of 2 ¹⁄₁₅ p each (pre 14 September 2007: ordinary shares of 2p each)
At 1 January – ordinary shares of 2 ¹⁄₁₅ p each (2007: 2p each)	609.0	617.6	12.6	12.3
Shares repurchased – ordinary shares of 2p each	–	(6.6)	–	(0.1)
Issued on exercise of share options – ordinary shares of 2p each	–	7.9	–	0.2
Reduction in issued shares on consolidation – see below	–	(20.0)	–	–
Issued on exercise of share options – ordinary shares of 2 ¹⁄₁₅ p each	12.2	10.1	0.2	0.2
At 31 December ordinary shares of 2 ¹⁄₁₅ p	621.2	609.0	12.8	12.6

Treasury shares

	2008 Million	2007 Million	2008 £m	2007 £m
Ordinary shares of 2 ¹⁄₁₅ p each
At 1 January	–	–	–	–
Shares repurchased – ordinary shares of 2 ¹⁄₁₅ p each	10.4	–	0.2	–
Shares transferred to Capita Employee benefit trust – ordinary 2 ¹⁄₁₅ p shares	(10.4)	–	(0.2)	–
At 31 December – ordinary shares of 2 ¹⁄₁₅ p	–	–	–	–

Employee benefit trust shares

	2008 Million	2007 Million	2008 £m	2007 £m
Ordinary shares of 2 ¹⁄₁₅ p each
At 1 January	–	–	–	–
Shares transferred from treasury	10.4	–	0.2	–
At 31 December – ordinary shares of 2 ¹⁄₁₅ p	10.4	–	0.2	–

In September 2007, the Company, by ordinary resolution, approved a share consolidation whereby shareholders on the register on 14 September 2007 exchanged 31 existing ordinary shares of 2p for 30 new ordinary shares of 2 ¹⁄₁₅ p each. The effect of the share consolidation was to reduce the authorised share capital of the Company to 967,741,920 ordinary shares of 2 ¹⁄₁₅ p each and to reduce the number of shares in issue by 20m.

During the year the Company repurchased 10.4m ordinary 2 ¹⁄₁₅ p shares with an aggregate nominal value of £0.2m at a total cost of £68.4m for which it paid cash at an average cost per share of £6.58. These shares were cancelled.

During the year 12.2m ordinary 2 ¹⁄₁₅ p shares with an aggregate nominal value of £0.2m were issued under share option schemes for a total consideration of £35.7m.

The Company has an unexpired authority to repurchase up to 10% of its issued share capital.