Capital and reserves — Group and Company

See Consolidated Statement of changes in equity and Company Statement of Changes in Equity.

Reserves

The translation reserve comprises all foreign exchange differences arising from the translation of foreign operations, as well as from the translation of liabilities that hedge the Group's net investment in foreign subsidiaries.

The merger reserve has arisen under Section 612 Companies Act 2006 and is a non-distributable reserve.

Share capital

Number of ordinary shares
20172016
In issue at 1 April116,747,887116,174,086
Shares issued3,546,599573,801
In issue at 31 March — fully paid120,294,486116,747,887

The total number of shares issued during the year was 3,546,599 for a consideration of £0.3m (2016: 573,801 shares for £0.2m). These were settled in cash other than issues of 1,050,044 shares from the deferred equity award scheme due to the early retirement of Jim Barker and Thomas Tan which were issued for nil cost.

In FY2016, all shares were issued for cash, excluding 29,350 shares for £0.3m as part of the consideration of the acquisition of Kuhlmann (see note 32).

2017
£000
2016
£000
Allotted, called up and fully paid
Ordinary shares of 5p each6,0145,837

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

Dividends

During the year the following dividends were recognised and paid by the Group:

2017
£000
2016
£000
Final paid 2016 — 2.00p (2015: 1.50p) per qualifying ordinary share2,3761,743
Interim paid 2016 — 0.80p (2015: 0.60p) per qualifying ordinary share934697
3,3102,440

After the balance sheet date a final dividend of 2.50p per qualifying ordinary share (2016: 2.00p) was proposed by the Directors and an interim dividend of 1.00p (2016: 0.80p) was paid in April 2017.

2017
£000
2016
£000
Final proposed 2017 — 2.50p (2016: 2.00p) per qualifying ordinary share3,0072,376
Interim paid 2017 — 1.00p (2016: 0.80p) per qualifying ordinary share1,203934
4,2103,310

Subject to Shareholder approval at the Annual General Meeting which is to be held on 27 July 2017, the final dividend will be paid on 13 October 2017 to Members on the register at the close of business on 15 September 2017. The ordinary shares will become ex-dividend on 14 September 2017.