20.	CAPITAL AND RESERVES

Share capital

	Class ‘A’ Ordinary shares		Class ‘A’ Ordinary shares
In thousands of shares	2018		2017
In issue at January 1		96,162		96,162
Issued for cash		-		-

In issue at December 31		96,162		96,162

	ADS		ADS
In thousands of ADSs	2018		2017
Balance at January 1		24,041		24,041
Issued for cash		-		-

Balance at December 31		24,041		24,041

	Class ‘A’ Treasury shares		Class ‘A’ Treasury shares
In thousands of shares		2018		2017
Balance at January 1		12,448		7,073
Purchased during the year		108		5,375

Balance at December 31		12,556		12,448

	ADS Treasury shares		ADS Treasury shares
In thousands of ADSs	2018		2017
Balance at January 1		3,112		1,768
Purchased during the year		27		1,344

Balance at December 31		3,139		3,112

The Group had authorised share capital of 200,700,000 ‘A’ ordinary shares of US$0.0109 each (2017: 200,700,000 ‘A’ ordinary shares of US$0.0109 each) as at December 31, 2018.

(a)

During 2018, the Group did not issue any shares from the exercise of employee options (2017: nil). At December 31, 2018, there were no amounts receivable on issuance share capital (2017: US$nil) relating to the exercise of share options.

(b)

During 2018, the Group repurchased 107,740 ‘A’ ordinary shares (26,935 ADS’s) under its share buyback program. (2017: 5,374,692 ‘A’ ordinary shares or 1,343,673 ADS’s).

(c)

There were no dividends paid during 2018 in respect of the 2017 financial year, (nil in respect of the 2016 financial year), (nil in respect of the 2015 financial year). As provided in the Articles of Association of the Company, dividends or other distributions are declared and paid in US Dollars.

Translation reserve

The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign currency denominated operations of the Group since January 1, 2004.

Warrant reserve

The Group calculates the fair value of warrants at the date of issue taking the amount directly to a separate reserve within equity. The fair value is calculated using the trinomial model. The fair value which is assessed at the grant date is calculated on the basis of the contractual term of the warrants.

Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions entered into but not yet crystallised.

The warrant and hedging reserves form Other Reserves in the Consolidated Statement of Financial Position.

Treasury shares

During 2018, the Group purchased 107,740 (2017: 5,374,692) ‘A’ Ordinary shares (26,935 ADS’s) (2017: 1,343,673 ADS’s) ‘Treasury shares’. The total cost of these shares was US$139,000 (2017: US$ 7,456,000).