Strategic Review
80 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Consolidated Financial Statements
Corporate Governance
Financial Statements
25. Share Capital (continued) Details of share options outstanding at 29 June 2019 and movements during the year by exercise price is shown below:
Exercise price
nil nil nil nil nil nil nil nil nil
exercise date
Sep 2018 Jul 2019 Jul 2020 Jun 2021 Sep 2019 Jul 2022 Sep 2020 Jul 2023 Sep 2021
First
exercise date
Dec 2025 Jun 2025 Dec 2025 Sep 2026 Sep 2026 Oct 2027 Oct 2027 Jan 2029 Jan 2029
Last
At 30 June 2018
361,960
1,811,706 1,200,146 889,996 506,968 753,469 858,659 - -
6,382,904
At 1 July 2017
Number of options 5,042,894 Granted
- - - - - - -
585,409 596,757
1,182,166 Forfeited
- - - -
(19,101) -
(32,935) - -
(52,036)
Cancelled/ lapsed
(4,682) -
(68,168) (889,996) (487,867) - - - -
(1,450,713) A summary of share options outstanding and movements for the year to 30 June 2018 is shown below: Granted 1,612,128
Forfeited -
Cancelled/ lapsed
(116,946) Exercised (155,172)
At 30 June 2018
6,382,904
There were 77,743 options exercisable at the period end date (2018: nil). There were 279,535 options exercised during the year (2018: 155,172). There were 1,450,713 options that lapsed during the year where performance conditions have not been met in full. The average share price at dates of exercise was 68 pence per share (2018: 115 pence per share).
The options outstanding at the year end have weighted average exercise price of nil (2018: nil) and a weighted average remaining contractual life of 1.4 years (2018: 2.0 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: 2019
Expected life of option Volatility of share price Dividend yield
Risk free discount rate Share price at grant date Exercise price
26. Dividends
An interim dividend for the six months to 29 December 2018 of 1.16p per share was paid on 25 April 2019 to shareholders on the register at the close of business on 6 April 2019. The amount paid was £1,474,474. A final dividend of 2.34p per share has been proposed taking the total dividend for the year to 3.5p per share. Subject to shareholder approval at the Company’s AGM on 20 November 2019, the final dividend will be paid on 23 December 2019 to shareholders on the register at 22 November 2019.
During the year a dividend of £890,000 (2018: £799,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd.
3.0 years 23% 4.0% 0.8% 82.5p nil
2018
3.0 years 23% 2.8% 0.6%
108.0p nil
Exercised
(279,535) - - - - - - - -
(279,535)
At 29 June 2019
77,743
1,811,706 1,131,978 - -
753,469 825,724 585,409 596,757
5,782,786
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