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18 Borrowings and overdrafts

2010 2009
Consolidated £m £m

Current:
Bank overdraft 115.6 75.8

Non-current:
Medium-term borrowings, 2011 100.0 100.0
6 3/8% Bonds, 2012 300.0 300.0
Fair value adjustment for hedged risk on bonds 12.7 15.4
10 1/2% Bonds, 2014 100.0 100.0
8 3/8% Bonds, 2019 275.0 –
Unamortised bond transaction costs (2.8) –
5% Cumulative Preference Stock 3.7 3.7
7 1/2% Cumulative Preference Stock 0.5 0.5
SIP Shares 39.7 28.2

828.8 547.8

Company
Non-current:
5% Cumulative Preference Stock 3.7 3.7
7 1/2% Cumulative Preference Stock 0.5 0.5
SIP Shares 39.7 28.2

43.9 32.4

All borrowings are unsecured, denominated in sterling, and are repayable on the dates shown, at par.

Unless the preference dividends are in arrears, the 5% and 7 1/2% Cumulative Preference Shares only have voting rights in relation to a variation of their class rights. The amounts receivable in a winding up would be limited to the amounts paid up, for the 5% Cumulative Preference Shares, and to one and a half times the amounts paid up for the 7 1/2% Cumulative Preference Shares.

SIP shares are issued as part of the BonusSave scheme. The SIP shares that are allocated to Partners are entitled to a dividend, the amount of which is determined from year to year by the Partnership Board. The amounts receivable in a winding up would be limited to the amounts paid on the SIP shares.
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