27 Share Capital (continued) Tere were a number of options granted during the course of the financial year to 29 June 2013 with further details given below.
Date of grant
7 Jul 2012 7 Jul 2012
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administration expenses
Exercise price
Details of share options outstanding at 28 June 2014 and movements during the year by exercise price is shown below: First
exercise date
106.0p 88.0p 58.0p 52.5p 34.0p 29.0p 27.0p 24.7p 24.7p 20.5p 20.5p 20.5p 20.0p 20.0p 20.0p 20.0p 20.0p 18.0p 17.5p 17.5p 14.0p
exercise date
Sep 2008 Mar 2014 Sep 2008 Mar 2014 May 2017 May 2027 Sep 2008 Mar 2014 Oct 2009 Mar 2014
Jul 2019 Jul 2022
Last At 29 June 2013 Granted Forfeited
42,500 17,500 -
40,000 52,848
Dec 2005 Mar 2014 500,000 Sep 2012 Oct 2019 Jul 2015 Jul 2015
111,000 128,395 121,605
Jul 2014 Oct 2016 3,435,715 Jul 2014 Oct 2016 1,517,857 Jul 2014 Oct 2016 1,517,857 Feb 2015 Aug 2015 Dec 2012 Jul 2013 Sep 2010 Oct 2019 Sep 2011 Oct 2019 Sep 2012 Oct 2016 Jan 2014 Jul 2013 Jul 2013
439,020 23,775
Jul 2014 Jul 2017
420,000 420,000 309,000 345,400 465,787
Jul 2020 1,005,913
Mar 2012 Mar 2019 311,300 11,225,472
- -
302,758 - - - - - - - - - - - - - - - - - -
302,758
(42,500) (17,500) - - - - - - - - - -
(38,000) (20,690) - - -
(12,623) (78,575) (171,425) (28,300) (409,613)
Cancelled
- - - - - - -
(128,395) (121,605) - - -
(35,640) -
(420,000) (420,000) (309,000) (15,000) (230,062) - -
Exercised
- - -
(40,000) (52,848) (500,000) (111,000) - -
(146,341) - -
(24,100) (3,085) - - -
(288,577) (157,150) (834,488) (226,400)
(1,679,702) (2,383,989)
Number of options granted
121,605 128,395
Exercise Fair value to 29 June 2013 price
£000
24.7p 24.7p
7 7
expensed in year £000
2 3 5
129 134
Amount
Period of expense
3 years 3 years
At 28 June 2014
- -
302,758 - - - - - -
3,289,374 1,517,857 1,517,857 341,280 - - - -
29,200 - -
56,600 7,054,926
Te Company announced on 16 July 2013 the cancellation of 1,149,000 unapproved share options held by Mr Duffy and the issue of 361,804 ordinary shares and settlement of taxes arising on the grant in exchange for this cancellation.
A summary of share options outstanding and movements for the year to 29 June 2013 is shown below: At 30 June
Number of options 11,439,542 250,000
2012 Granted Forfeited (96,583)
Cancelled
Exercised
At 29 June 2013
(75,627) (291,860) 11,225,472
Tere were 85,800 (2013: 2,408,265) options exercisable at the period end date. Tere were 2,383,989 options exercised during the year (2013: 291,860). On 16 July 2013 1,149,000 unapproved options previously issued to J G Duffy were cancelled and a cash bonus and 361,804 shares were issued.
Te options outstanding at the year end have weighted average exercise price of 22.0p (2013: 20.9p) and a weighted average contractual life of 4.5 years (2013: 4.6 years).
Te Company has used the QCA-IRS option valuer TM (based on the Black-Scholes-Merton based option pricing model) to calculate the fair value of the outstanding options. Tis model was developed by Te QCA partnered with Independent Remuneration Solutions (IRS) and City Group Plc. Te development was led by Mr Edward Beale, a Director of the Group and Chief Executive of City Group Plc.
56
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78
