NOTES TO THE FINANCIAL STATEMENTS — NOTE 14 14. Stated capital      June 2017  R000     June 2016  R000     Authorised           500 000 000 no par value ordinary shares (2016: 500 000 000)             Issued              248 441 278 no par value ordinary shares (2016: 243 256 092) 7 683 651     6 987 996        243 256 092 — no par value ordinary shares (2016: 243 256 092) 6 987 996     6 987 996        5 185 186 no par value ordinary shares — issued during the year  695 655           No par value ordinary treasury shares in issue  (35 435)    (38 857)       410 659 — no par value ordinary treasury shares — 1 July 2016 (2016: 153 659) (38 857)    (11 068)       77 000 shares purchased (2016: 257 000)(1)(2)  (8 974)    (27 789)       100 413 shares vested during the year(1)  12 396           Balance — issued stated capital at end of year  7 648 216     6 949 139     Reconciliation — number of shares in issue              Ordinary shares in issue  248 441 278     243 256 092        Balance — 1 July 2016  243 256 092     243 256 092        Issued during the year  5 185 186           Treasury shares in issue  (387 246)    (410 659)       Balance — 1 July 2016  (410 659)    (153 659)       Purchased during the year(2)  (77 000)     (257 000)       Vested during the year(1)  100 413           Balance at end of year  248 054 032     242 845 433     (1) Shares held in treasury are to hedge the company’s obligation in terms of the long-term Hyprop Employee Incentive Scheme (conditional share plan (CUP)). Refer to note 25 — Employee remuneration (2) Purchased during the year by Hyprop Investments Employee Incentive Scheme Proprietary Limited NOTES TO THE FINANCIAL STATEMENTS — NOTE 14