22. Share Capital

Number of shares outstanding

Ordinary shares (in thousands of EUR)

Share premium (in thousands of EUR)

Total (in thousands of EUR)

At 1 January 2014

12,702,799

254

27,521

27,775

Issue of ordinary shares

19,388

-

3,000

3,000

Long-term incentive plan

-

-

29,741

29,741

Capital contribution

-

-

1,019

1,019

At 31 December 2014

12,722,187

254

61,281

61,535

Issue of ordinary shares

241,721,653

-

-

-

Long-term incentive plan

441,139

-

41,354

41,354

Purchase of treasury shares

- 2,547,000

-

- 51,074

- 51,074

At 31 December 2015

252,337,979

254

51,561

51,815

On 20 January 2015 the Group issued 241,721,553 ordinary shares and on 5 February 2015 the priority share was converted in 100 ordinary shares without an impact on the value of GrandVision.

The long-term incentive plan movements within share capital relate mostly to the conversion of the cash-settled phantom plans into equity-settled plans in the IPO (€28,278). The remaining amount relates to the periodic expenses and the settlements in 2015. Refer to note 30 for more details.

At settlement of the IPO, on 10 February 2015, GrandVision purchased 0.98% of the shares, for a total amount of €50,000, to be held in treasury in order to hedge the price risk of grants made under long-term incentive plans. During 2015 some of these shares were used for settlement of long-term incentive plans and new shares were purchased resulting in a net reduction of shares held in treasury to 0.83%. Number of shares held in treasury at 31 December 2015 was 2,105,861.