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## 18. ISSUED CAPITAL AND RESERVES - continued 

## (b) Share Options 

Options to subscribe for ordinary shares in the company have been granted as follows: 

<img src='content_image/187176.jpg'>

Notes: 

(i) 4,020,000 options were issued under the terms of the Perseus Mining Limited Employee Option Plan. For further details refer to note 29. 

## (c) Ordinary shares 

Ordinary shares entitle the holder to participate in dividends as declared and, in the event of winding up of the company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the company. 

## (d) Nature and purpose of reserves 

## Share Based Payments Reserve 

The share based payments reserve is used to record the fair value of options issued but not exercised. 

## Foreign Currency Translation Reserve 

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations where their functional currency is different to the presentation currency of the reporting entity. 

## non-controlling Interest’s Reserve 

The non-controlling interest’s reserve records the difference between the fair value of the amount by which the non- controlling interests were adjusted to record their initial relative interest and the consideration paid. 

## Hedge Reserve 

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred. 

