Notes to the Accounts For the year ended 31 December 2007

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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.

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