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2. Signifcant accounting policies (continued)xiv) Equity movementsStated capitalOrdinary stated capital is classifed within equity and is recognised at the fair value of the consideration received by the Group. Incremental costs directly attributable to the issue of new shares or options are shown as a reduction in equity, net of tax. As equity is repurchased, the amount of consideration paid is recognised as a charge to equity and reported in the Consolidated Statement of Financial Position as treasury shares.Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the Group%u2019s Board of Directors. Interim dividends are deducted from equity when they are paid. Dividends for the year that are approved after the statement of fnancial position date are dealt with as an event after the end of reporting date.Treasury sharesOwn equity instruments which are re-acquired (%u201ctreasury shares%u201d) are deducted from equity. No gain or loss is recognised in the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Group%u2019s own equity instruments. Any diference between the carrying amount and the consideration is recognised in other reserves. Such treasury shares are presented separately within equity and are stated at cost.xv) Employee share ownership plan (ESOP)The Group operates an Employee Share Option Plan (ESOP) whereby employees of the Group have the option to receive a percentage of their proft share bonuses in the form of ordinary shares of the Group. The Group recognises an expense within staf costs when bonuses are awarded. Shares acquired are funded by the Group contributions and the cost of the unallocated ESOP Shares is presented as a deduction in equity, separately disclosed as %u201ctreasury shares%u201d.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)64 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2018