NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013 When managing capital, our objective is to safeguard our ability to continue as a going concern as well as to maintain optimal returns to  shareholders and benefits for other stakeholders� We also aim to maintain a capital structure that ensures the lowest cost of capital� There were no changes made in the objectives, policies or processes for managing capital during the three months to 31 March 2013 and 31 March  2012, and during the twelve months to 31 December 2012� We monitor capital using the gearing ratio (gross debt divided by total capital plus gross debt) and our target gearing ratio is between 30�0% to  40�0%� We include within gross debt, interest bearing loans and borrowings� (b) Capital management (a) Ordinary shares Movement in ordinary shares on issue For the Group’s financial risk management objectives and policies refer note 4� 90 Australian Agricultural Company Limited 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed ) Gross debt 422,780 410,546 380,016 Total equity 595,418 638,639 668,991 Total capital 1,018,198 1,049,185 1,049,007 Gearing ratio 41�5% 39�1% 36�2% Date Details Number of shares Issue price $ $000 1 January 2012 Opening balance 312,861,135 238,296 31 March 2012  (reviewed) Closing balance 312,861,135 238,296 02 April 2012  14 May 2012 Shares issued on exercise of performance  rights Outstanding amount received for shares  issued under the executive option plan in the  prior period Additional transactions costs  relating to share placement in the prior period 43,950 - - 1,308 (131) 31 December 2012 Closing balance 312,905,085 239,473 31 March 2013 Closing balance 312,905,085 239,473 31 Mar 2013  $000 31 Dec 2012  $000 31 Mar 2012  $000  (reviewed ) Ordinary shares – issued and fully paid (a) 239,473 239,473 238,296 239,473 239,473 238,296 22. CONTRIBUTED EQUITY