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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)13. Cash and short%u2013term deposits (continued)Fixed depositsAn amount of $18.3 million (2018: $17.9 million) was held in TT dollar denominated fixed deposits with maturities of 1 year and fixed interest rates of 2% per annum. The fixed deposits were invested with a fellow subsidiary (ANSA Merchant Bank Limited) in the ANSA McAL Limited Group of Companies. These fixed deposits are treated as cash and cash equivalents in the Consolidated Statement of Cash Flows as the deposits are readily convertible to cash at any point prior to maturity.14. Stated capital, treasury shares and other reserves 2019 2018 $ $a) Issued and fully paid29,297 6% cumulative participating preference shares 1,465 1,46540,000,000 ordinary shares of no par value 25,823 25,82327,288 27,288The Company is authorised to issue an unlimited number of ordinary shares of no par value.b) Treasury sharesAs detailed in Note 2 (xv), the Group operates an Employee Share Ownership Plan (ESOP) in which shares purchased by the Plan are held in Trust. The cost of these unallocated ESOP shares are accounted for and disclosed within equity as treasury shares. The number and value of own equity shares (treasury shares) held by the Group are as follows:2019 2018Number of shares (000%u2019s) 100 100Carrying value of shares ($%u2019000s) 1,554 1,554The market value of treasury shares ($%u2019000s) 750 1,500100 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019