7 Remuneration of Directors (continued)
Te aggregate of emoluments and amounts receivable under long-term incentive schemes of the highest paid Director was £483,000 (2013: £452,000) including Company pension contributions of £22,000 (2013: £29,000) that were made to a defined contribution scheme on his behalf. In addition to bonuses above is a payment of £198,000 paid during the year to J G Duffy in consideration for the settlement of income taxes arising on the grant of 361,804 shares issued in exchange for cancellation of 1,149,000 unapproved share options.
Number of Directors 2014
2013
Retirement benefits were accruing in the year to the following number of Directors under: Money purchase schemes
One Director exercised 111,000 share options during the current year at an exercise price of 27 pence per share (2013: nil). Te emoluments paid to Directors were as follows:
Fees £000
E J Beale S A Boyd
D C Currie R Duignan J G Duffy
I R Farnsworth M Lightbody D C Marshall P J Monk
Salary £000
192 33
Benefits £000
12 -
Other £000
90 39
Pension £000
15 1
28 June 2014 £000
45---- 45 - -
309 73
48---- 48 -
3---- 3 -
304 100
206
12 -
24
145 50
324
22 -
38
483 150
40 ---- 40 70---- 70 629
1,221 ended Year
29 June 2013 £000
25
281 113 -
452 30
143 20 70
1,134
Share options are granted to Directors, whose performances and potential contribution were judged to be important to the operations of the Group, as incentives to maximise their performance and contribution. During the year no options (2013: nil) were granted to Directors. On 16 July 2013 1,149,000 unapproved options previously issued to J G Duffy were cancelled in return for 361,804 shares and the settlement of taxes amounting to £198,000 arising on the grant of the shares which was paid during the year (2013: nil).
Directors’ rights to subscribe for shares in or debentures of the Company and its subsidiaries are listed below:
Number of Number of options at
28 June 2014
S A Boyd S A Boyd S A Boyd J G Duffy J G Duffy J G Duffy J G Duffy J G Duffy J G Duffy J G Duffy
1,650,000 1,650,000 625,000 625,000
options at 29 June 2013 Exercise price
625,000 625,000
1,250,000 1,250,000 625,000 625,000 - - - -
625,000 625,000 420,000 420,000 309,000 111,000
5,400,000 6,660,000
Te mid-market price of the ordinary shares on 28 June 2014 was 55p (2013: 62p) and the range during the 52 week period to 28 June 2014 was 47p to 77p (2013: 25p to 64p).
20.5p 20.5p 20.5p 20.5p 20.5p 20.5p 20.0p 20.0p 20.0p 27.0p
Earliest exercise date
08/07/2014 08/07/2014 08/07/2014 08/07/2014 08/07/2014 08/07/2014 30/09/2012 30/09/2012 30/09/2012 30/09/2012
Exercise expiry date
30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2016 30/10/2019
ended Year 2 3
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