70 Finsbury Food Group Annual Report & Accounts 2017
23. Share Capital (continued) A summary of share options outstanding and movements for the year to 2 July 2016 is shown below:
At 27 June 2015 Number of options 7,638,244 Granted 1,624,126 Forfeited (39,240) Cancelled (5,253,659) Exercised (28,300) At 2 July 2016 3,941,171
There were no options exercisable at the period end date (2016: nil). There were 302,758 options exercised during the year (2016: 28,300). The average share price at dates of exercise was 114 pence per share.
The options outstanding at the year end have weighted average exercise price of 1.7p (2016: 6.6p) and a weighted average contractual life of 5.9 years (2016: 5.9 years).
The Company uses a Monte Carlo model for the valuation of the award subject to relative performance to the TSR of AIM listed companies. An external consultant assists with the valuation of the awards.
The key inputs into the Monte Carlo model are as follows: 2017
Expected life of option Volatility of share price Dividend yield
Risk free discount rate Share price at grant date Exercise price
Performance period
Post-vesting holding period Employee turnover
24. Dividends
An interim dividend for the six months to 31 December 2016 of 1.0p per share was paid on 21 April 2017 to shareholders on the register at the close of business on 31 March 2017. The amount paid was £1,270,233. A final dividend of 2.0p per share has been proposed taking the total dividend for the year to 3.0p per share. Subject to shareholder approval at the Company’s AGM on 22 November 2017, the final dividend will be paid on 22 December 2017 to shareholders on the register at 24 November 2017.
During the year a dividend of £705,000 (2016: £336,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd.
25. Operating Leases The 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, Fletchers’ sites in London and Manchester and Johnstone’s site in East Kilbride.
During the year £2,839,000 was recognised as an expense in the Consolidated Statement of Profit and Loss in respect of operating leases (2016: £2,687,000).
Future minimum lease repayments under non-cancellable operating leases at the end of the financial periods are as follows: Land and Buildings
2017 £000
On leases which expire in: Less than one year
Between one and five years More than five years
2016 £000
2017 £000
Other
2016 £000
3.0 years 25% 2.1%
0.10% 126.5p Nil
3 years
0-2 years Zero
2016
3.0 years 29% 1.9%
0.80% 110.6p Nil
3 years
0-2 years Zero
2,372 7,979 7,805
18,156
2,348 8,299 9,452
20,099
26. Capital Commitments At the financial year ended 1 July 2017, the Group had capital expenditure commitments of £429,000 (2016: £1,232,000).
839
1,064 29
1,932
811 979 33
1,823
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