| Ordinary shares of 1 pence each |
| 2020 | 2019 |
| £m | Number | £m | Number |
| Allotted, called up and fully paid at start of year | 1.0 | 102,651,602 | 1.0 | 102,329,635 |
| New shares issued | 0.1 | 5,359,358 | – | 321,967 |
| Allotted, called up and fully paid at end of year | 1.1 | 108,010,960 | 1.0 | 102,651,602 |
The Companies Act 2006 abolishes the requirement for a company to have an authorised share capital. At the 2009 Annual General Meeting, the shareholders approved a resolution whereby all provisions relating to the Company's authorised share capital were removed from the Company's constitutional documents.
During the year, 226,858 new ordinary shares of 1 pence each (2019: 321,967 new ordinary shares of 1 pence each) were issued following the exercise of options under the Long Term Incentive Plan, the Approved, the Unapproved and the SAYE share option schemes. The consideration received was £981,083 (2019: £1,239,011). The holders of ordinary shares are entitled to receive dividends as declared or approved at General Meetings from time to time and are entitled to one vote per share at such meetings of the Company.
The Company issued 5,132,500 shares of 1 pence each by way of a placing at an issue price of 2600 pence per share on 8 June 2020. The placing generated gross proceeds of £133.4 million. The placing price of 2600 pence per share was a 5.3% discount to the closing middle market share price on 3 June 2020, being the date of the placing announcement.