27 Share Capital (continued)
Te inputs into the Black-Scholes-Merton based option pricing model to calculate the charge for share options granted in the financial year were as follows: 2014
Expected life of option Volatility of share price Dividend yield
Risk-free interest rate
Share price at date of grant Exercise price
Bid price discount
Estimated conversion rate Fair value per option
3.0 years 33% 1.3%
1.18% 58.0p 58.0p 10%
100% 9.3p
2013
3.0 years 43% 0%
0.41% 22.1p 25.0p 10%
100% 5.6p
Volatility is calculated on a consistent basis for each grant of options and is based on the historic annualised standard deviation of continuously compounded rates of return.
28 Dividends
On 21 March 2014, the Board approved an interim dividend for the six months to 28 December 2013 of 0.25p per share which was paid on 25 April 2014 to shareholders on the register at the close of business on 4 April 2014. Te amount paid was £166,052. A final dividend of 0.75p per share has been proposed taking the total dividend to 1.00p per share.
During the year a dividend of £417,000 (2013: £331,000) was paid to the non-controlling interest in Lightbody Stretz Ltd. 29 Operating Leases Te Group has annual commitments under non-cancellable operating leases relating primarily to land and buildings, fork lift trucks and office equipment.
Land and buildings have been considered separately for lease classification. Land and buildings amounts relate to leasehold properties at the Nicholas & Harris site, part of the Lightbody of Hamilton site and the California Cake Company site. During the year £1,283,000 was recognised as an expense in the Consolidated Statement of Profit and Loss in respect of operating leases (2013: £1,191,000). Future minimum lease repayments under non-cancellable operating leases at the end of the financial periods are as follows:
2014 £000
On leases which expire in: Less than one year
Between one and five years More than five years
55 474
11,537 12,066
Land and Buildings 2013 £000
248
1,162 9,648
11,058
30 Capital Commitments At the financial year ended 28 June 2014, the Group had capital expenditure commitments of £523,000 (2013: £983,000). 31 Related Parties
Related Party Transactions and Directors’ Material Interests in Transactions Te Group received services to the value of £124,589 (2013: £80,907) in the year from City Group Plc, a subsidiary of London Finance & Investment Group Plc, which is a substantial shareholder in Finsbury Food Group. At 28 June 2014, £31,001 (2013: £36,075) was due to City Group Plc. Details of fees are as follows:
• Mr D C Marshall and Mr E J Beale are Directors of City Group Plc, and received Directors’ fees for the year of £85,000 (2013: £45,000). Te services of Mr Marshall are supplied by a company in which none of the Directors has an interest. Directors’ fees for Mr Beale are surrendered to his primary employer.
• Te amount paid for the provision of company secretarial services and office services and VAT was £39,589 (2013: £35,907). 57
2014 £000
121
1,042 15
1,178 Other
2013 £000
134
1,145 -
1,279
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