27 Share Capital (continued) There were a number of options granted during the course of the financial year to 28 June 2014 with further details given below.
Date of grant 16 May 2014
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administration expenses
Exercise price
58.0p 54.8p 20.5p 20.5p 20.0p 18.0p 14.0p Nil
Details of share options outstanding at 28 June 2014 and movements during the year by exercise price is shown below: First
exercise date
exercise date
Jul 2024 Last
At 28 June 2014
May 2017 May 2024 302,758 Jul 2017
Jul 2014 Oct 2016 3,289,374 Jul 2014 Oct 2016 3,035,714 Feb 2015 Aug 2015 341,280 Jan 2014 Jul 2014 Mar 2012 Mar 2019 Jun 2019 Jun 2025
29,200 56,600
Granted Forfeited -
- 155,172 - - - - -
- 1,859,115 7,054,926 2,014,287
- - - -
(3,960)
(29,200) (28,300) -
(61,460)
A summary of share options outstanding and movements for the year to 28 June 2014 is shown below: At 29 June
2013 Number of options Granted Forfeited 11,225,472 302,758 Cancelled
- - - -
(20,340) - - -
Exercised
- -
At 27 June 2015
302,758 155,172
(535,715) 2,753,659 (535,714) 2,500,000 (277,740) - - -
39,240 -
28,300 1,859,115 (20,340) (1,349,169) 7,638,244 Cancelled Exercised (409,613) (1,679,702) (2,383,989)
At 28 June 2014
7,054,926 There were 5,321,199 (2014: 85,800) options exercisable at the period end date. There were 1,349,169 options exercised during the year (2014: 2,383,989).
The options outstanding at the year end have weighted average exercise price of 27.1p (2014: 22.0p) and a weighted average contractual life of 5.5 years (2014: 4.5 years).
The 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. This model was developed by The QCA partnered with Independent Remuneration Solutions (IRS) and City Group Plc. The development was led by Mr Edward Beale, a Director of the Company and Chief Executive of City Group Plc.
The 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:
2015
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
3.0-4.0 years 33.1%-28.9% 1.3%-3.0%
1.18%-1.29% 54.8p-83.5p 54.8p-59.0p 10%
100% 8.4p-19.9p
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.
2014
3.0 years 33% 1.3%
1.18% 58.0p 58.0p 10%
100% 9.3p
Number of options granted
302,758
Exercise price
58.0p
Fair value £000
3
expensed in year to 28 June 2014 £000
1 1 8 9
Amount
Period of expense
3 years
71
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