18. Contributed Equity (continued) (c) Santos Employee Share Purchase Plan General Employee Participation On 26 November 2004, the Company issued 32,400 ordinary shares to 49 eligible employees at a subscription price of $8.14 per share under the Plan. The total market value of those shares on the issue date was $287,064 and the total amount received from employees for those shares was $249,480. Under the Plan, eligible employees may be offered th opportunity to subscribe for or acquire fully paid ordinary shares in the capital of the Company at a discount to market price, subject to restrictions, includin g on disposal, determined by the Board (which has been a period of one year for issues so far). The subscription or acquisition price is Market V alue (being the weighted average sale price of the Company’s ordinary shares on the Australian Stock Exchange during the one week period up to and including the offer date) less any discount determined by the Board (5% for issues so far). Under the Plan, at the discretion of the Boar d, financial assistance may be provided to employees to subscribe for and acquire shares under the Plan. The 5% discount constitutes financi al assistance for these purposes. Participants are entitled to vote, receive dividends and participate in bonus and rights issues while the shares are r estricted. The Plan is open to all employees (other than a casual employee or Dir ector of the Company) determined by the Board who are continuing employees at the date of the offer. However, employees who are not resid ent in Australia at the time of an offer under the Plan and those who have participated in the Executive Long Term Incentive Plan during th e year will not be eligible to participate in that offer unless the Board otherwise decides. The Santos Employee Share Purchase Plan was approved by shareholders at the Annual General Meeting on 15 May 1997 and its continuation, with amendment, approved at the Annual General Meeting on 5 May 2000. At 31 December 2004, the total number of shares acquired under th e Plan since its commencement was 1,874,287. Shares are allocated at a price equal to the weighted average sale price of  the Company’s ordinary shares on the Australian Stock Exchange during the one week period up to and including the Grant Date. This is shown as fair value per share for shares granted during the year. The fair value of shares distributed from the trust during the year and remaining in th trust at the end of the financial year is the market price of shares of the Company on the Australian Stock Exchange as at close of trading on the r espective dates. Distributions during the year occurred at various dates throughout th year and therefore have not been separately listed. The amounts recognised in the financial statements of the Santos Group and the Company in relation to the Santos Employee Share Acquisition Plan during the year were: Summary of share movements in the Plan during 2004 (and comparative 2003 information): (b) Santos Employee Share Acquisition Plan (continued) Opening Granted during Distributions balance  the y ear during the year Closing balance Number  Fair value Fair value  Fair value  Grant dates Number of shares per share Number aggregate Number aggregate $ $ $ 2004 24 August 2001 177,908 – – 177,908 1,180,728 – – 2 September 2002 195,624 – – 32,760 227,623 162,864 1,381,087 2 September 2003 242,991 – – 42,237 294,081 200,754 1,702,394 22 November 2004 – 157,014 8.14 244 2,089 156,770 1,329,410 616,523 157,014 253,149 1,704,521 520,388 4,412,891 2003 25 August 2000 192,950 – – 192,950 1,163,949 – – 24 August 2001 196,552 – – 18,644 111,036 177,908 1,222,228 2 September 2002 216,840 – – 21,216 126,185 195,624 1,343,937 2 September 2003 – 254,106 5.84 11,115 67,943 242,991 1,669,348 606,342 254,106 243,925 1,469,113 616,523 4,235,513 Consolidated Santos Ltd 2004 2003 2004 2003 $million $million $million $million Employee expenses 1.2 1.4 1.2 1.4 Issued ordinary share capital 1.3 1.5 1.3 1.5 Annual Report 2004 63