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19 Share capital
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| Special Share of £1 |
Preference shares of £1 each |
Nominal value £m |
Ordinary shares of 20p each Millions |
Nominal value £m |
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| Authorised | |||||||||||
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| At January 1, 2007 and December 31, 2008 | 1 | 50,000 | — | 2,500 | 500 | ||||||
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| Issued and fully paid | |||||||||||
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| At January 1, 2007 | 1 | — | — | 1,781 | 356 | ||||||
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| Exercise of share options | — | — | — | 24 | 5 | ||||||
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| B Share conversion into ordinary shares | — | — | — | 15 | 3 | ||||||
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| At January 1, 2008 | 1 | — | — | 1,820 | 364 | ||||||
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| Exercise of share options | — | — | — | 12 | 2 | ||||||
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| B Share conversion into ordinary shares | — | — | — | 12 | 3 | ||||||
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| At December 31, 2008 | 1 | — | — | 1,844 | 369 | ||||||
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The rights attaching to each class of share are set out in the Director’s report on the linked page.
In accordance with IAS 32 Financial Instruments: Presentation, the Company’s non-cumulative redeemable convertible preference shares (B Shares) are classified as financial liabilities. Accordingly, movements in B Shares are included in note 16.