Notes to the Accounts For the year ended 31 December 2007
12. Investments
| Company | Subsidiary undertakings £'000 |
Total £'000 |
|---|---|---|
| Cost | ||
| At 1 January 2007 | 426,777 | 426,777 |
| Derecognised on vesting of LTIP's and deferred bonus shares | (749) | (749) |
| At 31 December 2007 | 426,028 | 426,028 |
The derecognition of assets represents the decrease of the parent company's holding of own shares which have vested and transferred to beneficial holders.
The Company's principal subsidiary undertakings at 31 December 2007, their principal activities and countries of incorporation are set out below:
| Name of undertaking | Country of incorporation | Principal activity |
|---|---|---|
| Michael Page Recruitment Group Limited | United Kingdom | Holding company |
| Michael Page Holdings Limited | United Kingdom | Support services |
| Michael Page International Recruitment Limited* | United Kingdom | Recruitment consultancy |
| Michael Page UK Limited | United Kingdom | Recruitment consultancy |
| Michael Page Limited | United Kingdom | Recruitment consultancy |
| Page Personnel (UK) Limited | United Kingdom | Recruitment consultancy |
| Michael Page International (Belgium) NV/SA | Belgium | Recruitment consultancy |
| Page Interim (Belgium) NV/SA | Belgium | Recruitment consultancy |
| Michael Page International (France) SAS | France | Recruitment consultancy |
| Page Personnel SAS | France | Recruitment consultancy |
| Michael Page International (Deutschland) GmbH | Germany | Recruitment consultancy |
| Michael Page International (Ireland) Limited | Ireland | Recruitment consultancy |
| Michael Page International Italia Srl | Italy | Recruitment consultancy |
| Page Personnel Italia SpA | Italy | Recruitment consultancy |
| Michael Page International (Luxembourg) | Luxembourg | Recruitment consultancy |
| Michael Page International (Nederland) BV | Netherlands | Recruitment consultancy |
| Page Interim BV | Netherlands | Recruitment consultancy |
| Michael Page International (Poland) Sp.Z.O.O | Poland | Recruitment consultancy |
| Michael Page International Empressa de Trabalho Temporario e Servicos de Consultadoria Lda |
Portugal | Recruitment consultancy |
| LLC Michael Page International RU | Russia | Recruitment consultancy |
| Michael Page International (SA) (Pty) Limited | South Africa | Recruitment consultancy |
| Michael Page International (Espana) SA | Spain | Recruitment consultancy |
| Page Personnel (Espana) SA | Spain | Recruitment consultancy |
| Michael Page International (Sweden) AB | Sweden | Recruitment consultancy |
| Michael Page International (Switzerland) SA | Switzerland | Recruitment consultancy |
| Michael Page International (UAE) Limited | United Arab Emirates | Recruitment consultancy |
| Michael Page International (Australia) Pty Limited | Australia | Recruitment consultancy |
| Michael Page International (Hong Kong) Limited | Hong Kong | Recruitment consultancy |
| Michael Page International (Japan) K.K. | Japan | Recruitment consultancy |
| Michael Page International Pte Limited* | Singapore | Recruitment consultancy |
| Michael Page International Argentina SA | Argentina | Recruitment consultancy |
| Michael Page International (Brasil) SC Ltda | Brazil | Recruitment consultancy |
| Michael Page International Canada Limited | Canada | Recruitment consultancy |
| Michael Page International Mexico Reclutamiento Especializado, S.A. de C.V. | Mexico | Recruitment consultancy |
| Michael Page International Inc* | United States | Recruitment consultancy |
*The equity of these subsidiary undertakings is held directly by Michael Page International plc. All companies have been included in the consolidation and operate principally in their country of incorporation.
The percentage of the issued share capital held is equivalent to the percentage of voting rights held. The Group holds 100% of all classes of issued share capital. The share capital of all the subsidiary undertakings comprise ordinary shares, with the exception of Michael Page International Recruitment Limited which comprises 1 ordinary share and 421,544 ,426 preference shares.