68 2022 ANNUAL REPORT Notes to the CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2022 (cont.) 20 CONTRIBUTED EQUITY (cont.) (b) Movements in ordinary share capital CONSOLIDATED Thousand Shares $’000 On issue at 1 July 2020 1,958,845 383,887 Capital raising for cash 375,415 60,066 Service rights vested 744 149 Deferred rights vested and converted to shares 328 83 Performance rights vested and converted to shares 10,992 542 Share issue costs - (2,102) On issue at 30 June 2021 2,346,323 442,626 On issue at 1 July 2021 2,346,323 442,626 Service rights vested 328 85 Performance rights vested and converted to shares 9,710 449 On issue at 30 June 2022 2,356,361 443,160 Ordinary shares entitle the holder to participate in dividends and proceeds on the winding up of the parent entity in proportion to the number of and amounts paid on the shares held. On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. (c) Other equity CONSOLIDATED Thousand Shares 30 June 2022 $’000 Opening balance 1 July 2021 (a) 581 930 Balance 30 June 2022 581 930 (a) Red 5 has provided for 581,428 shares to be issued at a value of $930,285 to settle the outstanding tax liability in relation to the acquisition of Merrill Crowe Corporation (MCC) in a previous financial year. 21 RESERVES CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 Foreign currency translation reserve (a) 433 26,309 Deferred retirement benefit (b) - 130 Share-based payment reserve and other reserves(c) 6,485 3,144 Hedging reserve (d) - 1,444 6,918 31,027 (a) The foreign currency translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations where the functional currency is different to the presentation currency of the reporting entity. This balance has been mostly released to the income statement on the sale of the main Philippine operation, Greenstone Resources Corporation (GRC) in the current year. (b) This reserve is for the revaluation movements of the defined retirement benefit fund for Philippines employees. It has been released on the sale of GRC during the current year. (c) The share-based payment reserve includes performance rights, service and deferred rights reserve. It arises on the granting and vesting of equity instruments. Refer note 31 for further details. (d) The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments (net of tax) used in cash flow hedges pending subsequent recognition in profit or loss. At year-end there were no open hedges (refer note 19).
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