Company  2014  Number of  shares  Company 2013  Number of  shares  Company  2014  $m  Company  2013  $m  Note 28  Contributed equity  continued  Ordinary share capital  Opening balance of fully paid ordinary shares  339,506,578  348,584,383  9,652  9,919  Issue of shares on exercise of options  423,159  52,676  12  2  Issue of shares on exercise of MEREP awards  65,141  21,948  3  1  Issue of shares on retraction of exchangeable shares in the range of  $40.43 to $53.62 (31 March 2013: $24.98 to $37.53) per share  11,774  379,687  1  13  Issue of shares on retraction of exchangeable shares in the range of  $45.64 to $55.06 (31 March 2013: $25.29 to $31.16) per share  136,066  244,931  8  7  Issue of shares for nil cash consideration pursuant to the retention  agreements entered into with key Orion Financial Inc. employees  –  32,002  –  –  Cancellation of shares under the share buyback program  in the range of $24.27 to $28.95 per share  –  (9,809,049)  –  (251)  Capital reduction through SYD distribution (1) –  –  (793)  –  Consolidation of one ordinary share into 0.9438 ordinary share (1) (19,067,968)  –  –  –  For employee MEREP awards that have vested during the financial  year:  Transfer of MEREP expense from share-based payments reserve  –  –  195  160  Transfer from treasury shares for shares withdrawn  –  –  (237)  (199)  Closing balance of fully paid ordinary shares  321,074,750  339,506,578  8,841  9,652  (1)  Represents SYD Distribution to ordinary shareholders recognised as return of ordinary share capital and consolidation of ordinary shares  on Sydney Airport stapled securities distribution. Refer note 5 - Dividends and distribution paid or provided for.  (1) Prior period comparatives have been restated for the effect of applying AASB 10. Refer to note 1(i) – Summary of significant accounting  policies.  (2) In December 2009, the Company introduced MEREP, which grants RSUs, DSUs and PSUs to eligible staff. Under MEREP the staff  retained profit share which is held in shares of the Company by the MEREP Trust is presented as Treasury shares. For further  information regarding terms and conditions of MEREP refer to note 33—Employee equity participation.  Consolidated  2014 $m  Consolidated  2013$^{(1)}$  $m  Company  2014  $m  Company  2013$^{(1)}$  $m  Treasury shares  Opening balance of 28,981,801 (1 April 2012: 24,646,608) treasury  shares (1) (1,011)  (968)  (1,010)  (967)  Purchase of 4,969,737 (31 March 2013: 8,955,127) shares for  employee MEREP awards  (216)  (242)  (216)  (242)  Transfer of 6,345,371 (31 March 2013: 4,619,934) shares  withdrawn/exercised for vested MEREP awards  237  199  237  199  Consolidation of one (31 March 2013: nil) treasury share into 0.9438  treasury share resulting in a reduction of 1,595,061 treasury shares  –  –  –  –  Purchase of 1,866,577 (31 March 2013: 2,739,543) shares for DRP  share issue by the Company  (81)  (78)  (81)  (78)  Allocation of 1,866,577 (31 March 2013: 2,739,543) shares under  DRP scheme by the Company  81  78  81  78  Purchase of 702,614 (31 March 2013: nil) shares for DRP share  issue by the consolidated entity  (39)  –  –  –  Allocation of 702,614 (31 March 2013: nil) shares under DRP  scheme by the consolidated entity  39  –  –  –  Purchase of nil (31 March 2013: 9,809,049) shares under the share  buyback program pending cancellation –  (251)  –  (251)  Cancellation of nil (31 March 2013: 9,809,049) shares under the  share buyback program  –  251  –  251  Closing balance of 26,011,106 (31 March 2013: 28,981,801)  treasury shares (2) (990)  (1,011)  (989)  (1,010)  143 