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Share capital

12 Months Ended

Jun. 30, 2021

22	Share capital


	Number of	Ordinary
	shares	shares
	(thousands)	£’000
At 1 July 2019	164,571	53
Employee share-based compensation awards — issue of shares	51	—
At 30 June 2020	164,622	53
Employee share-based compensation awards — issue of shares	55	—
At 30 June 2021	164,677	53

22	Share capital (continued)

The Company has two classes of ordinary shares outstanding: Class A ordinary shares and Class B ordinary shares, each with a par value of $0.0005 per share. The rights of the holders of Class A ordinary shares and Class B ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share and is not convertible into any other shares. Each Class B ordinary share is entitled to 10 votes per share and is convertible into one Class A ordinary share at any time. In addition, Class B ordinary shares will automatically convert into Class A ordinary shares upon certain transfers and other events, including upon the date when holders of all Class B ordinary shares cease to hold Class B ordinary shares representing, in the aggregate, at least 10% of the total number of Class A and Class B ordinary shares outstanding. For special resolutions (which are required for certain important matters including mergers and changes to the Company’s governing documents), which require the vote of two-thirds of the votes cast, at any time that Class B ordinary shares remain outstanding, the voting power permitted to be exercised by the holders of the Class B ordinary shares will be weighted such that the Class B ordinary shares shall represent, in the aggregate, 67% of the voting power of all shareholders. All shares issued by the Company are fully paid.

As of 30 June 2021, the Company’s issued share capital comprised 44,969,701 (2020: 40,622,089) Class A ordinary shares and 119,707,613 (2020: 124,000,000) Class B ordinary shares. During the year ended 30 June 2021, 4,292,387 Class B ordinary shares were converted into an equivalent number of Class A ordinary shares.

1,682,896 Class A ordinary shares are currently held in treasury. Distributable reserves have been reduced by £21,305,000, being the consideration paid for these shares. See note 23.