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 Company'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
20162015
In issue at 1 April116,174,086108,684,180
Shares issued573,8017,489,906
In issue at 31 March — fully paid116,747,887116,174,086

On 1 October 2015 the Company issued 29,350 shares for £0.03m as part consideration of the acquisition of Kuhlmann (see note 30).

The total number of shares issued during the year was 573,801 for a consideration of £0.21m (2015: 7,489,906 shares for £2.86m). Excluding the Kuhlmann acquisition, this was settled in cash.

2016
£000
2015
£000
Allotted, called up and fully paid
Ordinary shares of 5p each5,8375,809

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:

2016
£000
2015
£000
Final paid 2015 — 1.50p (2014: 1.00p) per qualifying ordinary share6971,135
Interim paid 2015 — 0.60p (2014: 0.40p) per qualifying ordinary share1,743434
 2,4401,569

After the balance sheet date a final dividend of 2.00p per qualifying ordinary share (2015: 1.50p) was proposed by the Directors and an interim dividend of 0.80p (2015: 0.60p) was paid in April 2016.

2016
£000
2015
£000
Final proposed 2016 — 2.00p (2015: 1.50p) per qualifying ordinary share2,3351,743
Interim paid 2016 — 0.80p (2015: 0.60p) per qualifying ordinary share934697
3,2692,440

Subject to Shareholder approval at the Annual General Meeting which is to be held on 27 July 2016, the final dividend will be paid on 14 October 2016 to members on the register at the close of business on 16 September 2016. The ordinary shares will become ex-dividend on 15 September 2016.