3 20 October 2021 // S4Capital issued 1.0 million shares at a price of 773 pence per share in relation of the acquisition of Brightblue. 19 November 2021 // S4Capital issued 0.09 million shares at a price of 642 pence per share in relation of the acquisition of Miyagi. 2 December 2021 // S4Capital issued 0.6 million shares at a price of 595 pence per share in relation of the acquisition of Orca Pacific. 7 December 2021 // S4Capital issued 0.6 million shares at a price of 689 pence per share in relation of the acquisition of Maverick. 6 January 2022 // S4Capital issued 0.2 million shares at a price of 539 pence per share in relation of the acquisition of Dare.Win. January 2023 // S4Capital plans to issue 6.5 million shares at a price to be determined on the date of issue in relation to the acquisition of Decoded. May 2023 // S4Capital plans to issue 3 million shares at a price to be determined on the date of issue in relation to the acquisition of Raccoon. June 2023 // S4Capital plans to issue 2.8 million shares at a price to be determined on the date of issue in relation to the acquisition of Decoded. September 2023 // S4Capital plans to issue 0.8 million shares at a price to be determined on the date of issue in relation to the acquisition of Cashmere. September 2023 // S4Capital plans to issue 0.7 million shares at a price to be determined on the date of issue in relation to the acquisition of Zemoga. The share premium is net of costs directly relating to the issuance of shares. In accordance with section 612 of the Companies Act 2006, merger relief has been applied on share for share exchanges. No share issuances in the current or prior period qualified for merger relief. B. Reserves The following describes the nature and purpose of each reserve within equity: Share premium Amount subscribed for share capital in excess of nominal value less transaction costs (cash). Merger reserves by merger relief Amount subscribed for share capital in excess of nominal value less transaction costs as required by merger relief (shares). Other reserves Other reserves include treasury shares issued in the name of S4Capital plc to an employee benefit trust, EBT pool C, MightyHive and the deferred consideration of Decoded, Racoon, Cashmere and Zemoga. Foreign exchange reserves Legal reserve for foreign exchange translation gains and losses on the translation of the financial statements of a subsidiary from the functional to the presentation currency. Accumulated losses Accumulated losses represents the net loss for the year and all other net gains and losses and transactions with shareowners (example dividends) not recognised elsewhere. C. Non-controlling interest On 24 May 2018, non-controlling interests arose as a result of the issuance of 4,000 A2 Incentive Shares by S4Capital 2 Ltd subscribed at fair value for £0.1 million and paid in full. The incentive shares provide a financial reward to executives of S4Capital Group for delivering shareowner value, conditional on achieving a preferred rate of return. The incentive shares entitle the holders, subject to certain performance conditions and leaver provisions, up to 15%, of the growth in value of S4Capital 2 Ltd provided that certain performance conditions have been met. Full disclosure of these shares is contained within the Remuneration Report on page 65. S4Capital Annual Report and Accounts 2021 155