NOTES TO THE FINANCIAL STATEMENTS — NOTE 14 14. Stated capital   GROUP  June 2016  R000    GROUP  June 2015  R000    Authorised         500 000 000 no par value ordinary shares (2015: 500 000 000)         Issued         243 256 092 no par value ordinary shares (2015: 243 256 092)   6 976 928     6 987 996     Less: 410 659 no par value ordinary treasury shares (2015: 153 659)(1)   (27 789)    (11 068)    Balance at end of year   6 949 139     6 976 928     Reconciliation — number of shares in issue              Shares in issue at beginning of year   243 102 433     243 102 433        Shares issued   243 256 092     243 256 092        Treasury shares   (153 659)    (153 659)    Issued during the year  *           Less: Treasury shares (1)  (257 000)          Shares in issue at end of year   242 845 433     243 102 433     (1) Shares held in treasury are to hedge the company’s obligation in terms of the long-term Hyprop Employee Incentive Scheme (conditional unit plan (CUP)). Refer to note 26 — Employee remuneration * Shares issued after the reporting date. Refer to note 37 — Events after the reporting date NOTES TO THE FINANCIAL STATEMENTS — NOTE 14